Naomi Brown, CCIM was pleased to represent the sale of 307 West Main Street in Oley, Pennsylvania.
Background
The Forino Company is a quality, local homebuilder who owned this 10-unit multifamily building. The Forino Company gut renovated the whole building with all new plumbing, electric, drywall, heating, flooring, kitchen, and baths in 2022/2023. The renovations were truly top-notch, with the inspector commenting that he was very impressed by their clean and tidy job.
Listing Period
Once the renovations were completed and the property was fully leased again, the Forino Company was ready to sell the building. Their goal was to sell quickly to open up capital for other projects, but without sacrificing the fair price they were asking for. After meeting with Naomi Brown, CCIM, they decided to work with Capstone for their sale due to our collaborative outlook, large database of potential buyers, Naomi’s expertise within the multifamily space, and our extensive marketing opportunities.
We were able to provide a very wide marketing profile that presented the property to our extensive list of buyers prior to its public listing, followed by public posting on multiple platforms and syndication channels, in order to bring about a quick sale and a wider range of qualified buyers.
Sale
The property was listed for sale at the beginning of summer, which led to a lot of turnover during the listing and sale periods. This is typical for the area because many people move during the summer when school is out. However, the seller was able to release the units quickly, and with only a short extension, we were still able to close the loan for the buyer.
Results
Capstone was able to secure a buyer from the Maryland market who appreciated the quality renovation that was done by the seller and provided an assurance of closing. The buyer was a first-generation immigrant, having moved here when he was a young college graduate 20 years ago. He worked hard and saved, and this was his first larger apartment building investment. He was very grateful to find a quality, long-term investment, and had this to say about the experience:
We looked at many buildings and wrote offers, even doing inspections and due diligence on them. This was the first property that we closed on because the property actually was as good as it was advertised to be.
Private Buyer
For their part, the sellers were pleased with the number of offers they received within a short period of time, allowing them to select the best option and close quickly. We were able to produce several offers during a tough time to sell when interest rates were high, but showcasing the long-term value of the building allowed us to secure a long-term buyer.
Are you looking to purchase multifamily investment properties? We’ve represented properties with units counts in the single digits, properties and portfolios with hundreds of units, and everywhere in between. Capstone’s collaborative atmosphere and extensive network means that we can connect you with properties that fit your investment goals, often before they’re publicly listed for sale. Call our advisors today to get started with your search.
