Ridgecrest — 8 Offers in One Month

Challenges

• The developers behind Ridgecrest were first-time multifamily investors, but experienced general contractors who built a high-quality 56-unit asset but had never navigated the complexities of a multifamily disposition.
• Before engaging Multifamily Mason, the ownership group had shopped the property off-market and received offers around $12.5M ($223K/door). The market was trending downward from a peak of $250K/door, and buyers were using that momentum to push pricing lower.
• At 85% leased, the property carried lease-up risk that gave buyers leverage in negotiations. The prevailing market narrative suggested new construction pricing in the Tri-Cities had peaked and was headed lower.
• The ownership group needed a team that could reverse the pricing trend and hit their goals with this first multifamily asset.

Action

The Multifamily Mason team got involved at both the asset management and brokerage level, deploying a comprehensive strategy that went far beyond traditional listing services.

We launched an aggressive marketing campaign that generated 13 property tours in just three weeks, a great pace for a 56-unit asset in the Tri-Cities. Behind the scenes, our team made 100+ individual phone calls to qualified investors, walking each through the property's construction quality, submarket positioning, and rent growth trajectory.

Our approach was intentional: rather than passively listing and waiting for offers, we created competitive tension by stacking tours, providing detailed underwriting support to serious buyers, and maintaining consistent communication with every group that expressed interest. Each buyer knew they were competing against qualified capital, which drove urgency and pricing discipline.

We also provided the first-time sellers with guidance on every step of the process: from offer evaluation and PSA negotiation to due diligence management and closing coordination. For an ownership group that had never sold a multifamily asset, having an advisor who could coach them through each decision point was critical to maintaining confidence and avoiding concessions.

Results

• Procured 8 offers in one month of active marketing, with 3 offers landing within 1% of the asking price
• Closed at $14,000,000 ($250k/unit) a full $1.5M above the best off-market offer the sellers had received before engaging our team
• Closed without renegotiations, protecting the full contract price through a clean due diligence and closing process
• Reversed the prevailing pricing trend in Tri-Cities new construction, proving that the right marketing strategy and buyer outreach can command premium valuations even in a softening market
• Guided first-time multifamily sellers through the entire disposition process, from listing to close, without missteps

Sale Details

• Property Name: Ridgecrest
• Location: Tri-Cities, WA
• Close Date: July 2024
• Units: 56
• Sale Price: $14,000,000
• Price per Unit: $250,000
• Occupancy at Sale: 85%
• Offers Received: 8
• Days to First Offer: 30