Hackensack Apartment Sale
Hackensack, NJ
case studies
the Property
Properties: El Dorado Apartments & Driftwood Apartments
Location: Hackensack, NJ
Size: 2 buildings totaling 99 Units
Sale price: $16.4 million
Date closed: 2015
Location: Hackensack, NJ
Size: 2 buildings totaling 99 Units
Sale price: $16.4 million
Date closed: 2015
the Challenge
The seller wanted to wait until they identified a 1031 exchange property out of state before selling these buildings. That posed a challenge as the seller was not taken as a serious bidder on replacement properties without having more traction in his own sale. Another obstacle was that the sale involved two properties in different locations that the seller needed to sell together.
the Solution
The Redwood Realty team understood the seller's strategy to maximize proceeds and leverage into a different asset out of state. We illustrated a plan to find a specific buyer who would pay the most for the project, and who would also be willing to wait until the seller solidified his exchange property before closing.
the Result
Our team brought the project to market and fielded over 12 competitive bids within first 30 days. The project sold to a buyer who committed to wait until the seller commenced the exchange property out of state. Executing on that plan took approximately 90 days from start to finish.
