Off-Market Sale Success: 30-Unit Apartment Complex Sold for $2.9M in Terre Haute

CHALLENGE:

The seller sought to conduct an off-market transaction for a 30-unit garden-style apartment complex that had recently stabilized. A significant challenge arose from the need to complete a Phase 2 environmental study quickly due to potential contamination from a neighboring property, which threatened to delay the sale.

Apartment complex buildings

ACTION:

JDM Partners strategically matched the seller with a buyer known for aggressive acquisitions in the Indiana multifamily market. By facilitating effective communication and negotiations between the parties, JDM Partners ensured a seamless transaction. This included coordinating the environmental study and sharing its costs between the buyer and seller to expedite the process.

RESULTS:

  • Sold for $2.9 million, aligned with recent appraisal values.
  • Included buyer concessions, facilitating a competitive sale price.
  • Completed environmental Phase 2 study expediently, costs shared between buyer and seller.
  • Sale completed before Christmas, meeting tight deadlines.
  • Introduced buyer to the Terre Haute market, expanding their multifamily property portfolio.