Challenge

The multifamily property, located in the stellar Virginia Highlands neighborhood, not only achieves consistent growth and is adjacent to many of Atlanta’s main attractions, but it also maintains a quiet residential reputation. As a result of these two desirable qualities, there was plenty of local competition gunning for the listing. The seller, who managed the property with their son, began to find the responsibilities more challenging to maintain as they moved forward. Their goal was to achieve the highest market value, although the property had not undergone any significant renovations since its inception in the 1960s.

Strategy

Matthews™ positioned the property as a value-add opportunity. By utilizing the Matthews™ central database, the multifamily property received major exposure, spanning across the country. The property was directly marketed to multifamily owners in the Atlanta Metro and buyers throughout the country spanning from the west coast to the Midwest and Northeast regions. The strategy behind this targeting was due to the looming rent regulation legislation that is currently impacting the larger markets in the country, including New York, Los Angeles, and San Francisco. There were several offers made from outside competition; however, the process led to a local buyer who primarily focused on value-add deals.

Results

The mass exposure received drove competition for the property, thus increasing the value. A local buyer, Atlanta-based ARIAM Partners, was awarded the property for their proven track record and expertise in the area. The seller was satisfied to receive a high price on the property, selling very close to its final listing price. ARIAM Partners believed the property to be a “diamond in the rough,” but saw the potential the property had and will focus future efforts on the landscape in order to increase value on the back end.

“Matthews™ went above and beyond to provide marketing material that showcased the property’s story and sourced all the relevant information on the property and surrounding area. The team worked extremely hard to close the deal at the highest market value. I highly recommend Matthews™ to anyone selling their investment property.” – Carolyn McDaniel