Courtland Gardens Apartment Sale
Pearl River, NY
case studies
the Property
Size: 37-unit Garden Community Sale price: $6.4 million Date closed: 2016
the Challenge
The owner desperately wanted to sell Courtland Gardens and retire. However, the seller wanted to minimize the tax exposure on sale. They were not interested in a 1031 exchange scenario as they wanted to exit the real estate business altogether.
the Solution
After working closely with the seller and its tax advisors the Redwood Realty team structured an installment sale disposition. Redwood Realty provided an opinion on the term, rate, and parameters of a carry back mortgage offered to a potential buyer by the seller.
the Result
The Redwood Realty team quickly got to work calling into its vast database of qualified buyers. Redwood handled several tours and fielded many strong offers. The team selected a buyer who was extremely credit worthy, placed a large down payment on the property, and paid an overall aggressive price. Through the structured sale the seller was able to spread out its tax implications, produce income through mortgage interest, and finally enjoy there well deserved retirement.
