One-on-one dedicated outreach finds the buyer

Challenges

• The owner had previously listed his property for sale with a commercial broker who could not procure a single offer for six months, this time on market had created a negative narrative among investors who would have otherwise been interested in the deal
• The asset was located in a small, tertiary market of Eastern Oregon with a population of 17,000 people and no population growth the last 10 years
• The new construction asset had achieved top-of-market rents, but there remained significant loss-to-lease from the original lease-up due to conservative leasing from the developer

Action

Mason met with the owner and learned that he needed the property sale equity for a 1031 exchange. We corrected three main issues with the previous listing:

1. Updated pricing to realistic market value and Seller’s expectations, which also met current economic conditions much closer than the previously advertised price
2. Our team set out to answer any tertiary market buyer’s questions, such as:

1. Market and demographic indicators
2. Thorough property and leasing analysis
3. Debt and property management quotes

1. Broadened exposure to our complete engaged buyers network as well as the public market across the Western US. 

Mason made 145 direct phone calls to buyers specific to this deal, which drove substantial interest and activity on the listing in the first two weeks, creating momentum around the previously-stale investment opportunity.

Loss-to-Lease Photo

Market Economics Photo

Results

1. Solicited a strong offer within 3% of list price within 34 days
2. Closed without renegotiations 90 days later
3. Seller completed a successful 1031 exchange into three future multifamily and self storage developments

Sale Details

• Property Name: Canyon View
• Address: 3200 SW Perkins Ave, Pendleton, OR
• Close Date:  November 2022
• Units: 36
• Average Unit SF: 1,000
• Year Built: 2020-2021
• Sale Price: $7,400,000
• Price per Unit: $205,555
• Price per SF: $205
• In-Place Cap Rate: 4.93%
• Proforma Cap Rate: 6.04%

Testimonial

“Mason’s expertise as a multifamily-specific expert in the Inland Northwest really shined on this sale for us. We didn’t realize the value of having a specialist list our property until we saw the lack of success from a previous broker, friend, and partner of ours. It was a difficult decision to switch listing firms, but ultimately Mason’s team did everything they promised they’d do and more. We are sure that his individual efforts are what got this sale to the finish line. This single asset has set up the next 5 years of development projects for our team.”

- Chad, Developer, Client

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