Closing Price: $6,775,000
The Village Monroe Apartments is a 46-unit apartment complex with all 2 bedroom, 1 bath units consisting of 860 square foot units. Each unit has washer/dryer hookup, good size closets and balconies or porches. An excellent Milwaukie location close to Providence Hospital, downtown Milwaukie, and to the MAX Orange line.
Opportunities and Challenges:
The owner of this property approached Michelle a year ago about possibly selling. She reviewed the building financials and to help optimize the highest rate, gave her guidance on how to increase the value of the building.
Once listed, the property had multiple offers and Michelle worked with the seller to choose the most qualified buyer that could perform and close the deal. The seller also wanted to exit the Oregon market but complete a 1031 exchange. Michelle oversaw the entire transaction including walk-throughs, inspections and appraisal. She was always available to walk the owner and property manager through the sales process that was minimal disruption to the tenants. The property sold for $6,775,000.
Do you have a complex buying or selling situation? Michelle would love to assist you. Click here to contact her now!