Naomi Brown, CCIM was pleased to represent the sale of two multifamily properties at 500 & 502 Ross Avenue in New Cumberland, PA.
Background
The owner of the Ross Avenue Portfolio had been the engineer on the plan when the properties were built in 1992 & 2002. He also supervised the construction, ensuring everything was done correctly. He had designed the properties with an efficient layout, and had included many touches that the residents appreciated, such as laundry. Since their construction, he self-managed and carefully maintained the units for many years. However, he was ready to retire and take it a little easier in life, and had mentioned that he was open to selling the units.
Sale
The seller wasn’t ready to list the properties publicly and fully commit to selling them, so Naomi kept an eye out for an interested buyer that she could introduce. She was able to find an experienced local investor with other units near this property. He was interested in purchasing these units to add to his investments, and planned to hold them long-term while taking thoughtful care of the portfolio.
The seller was pleased with the buyer we found, who was just the right fit for the property he had painstakingly created and maintained. He had this to say:
I felt good about the buyer because he plans to keep them long-term and take great care of them.
Private Seller
However, the buyer had a significant challenge finding good quality insurance at an affordable rate, as the insurance industry is increasing prices significantly right now.
Results
Capstone was able to help keep the process moving forward, and assist with making sure both the buyer and seller had what they needed for a successful closing. The successful closing resulted in a happy seller and a happy buyer, who said this:
It is hard to find properties that are well-maintained and have quality, long-term tenants. We found that here, and are very happy to be purchasing a quality asset.
Private 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.
