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Case Study — A Double Success in Johnson City, Tenn.

By: Steve Goldman, CCIM
Princeton Greens apartments, Johnson City, TN

The remodeled complex has a fresh, new look.

How’s this for teamwork?

We were contacted by an apartment owner of a 30-unit apartment complex in Johnson City, Tenn. It was well-located and had substantial potential, but it was in the “special asset” category with his lender because the complex was virtually unmanaged and losing money and he needed a buyer who could get him out whole — in 6 weeks!  This timeline turned out to be unrealistic and the lender foreclosed.

Team members Steve Goldman and John Dempster co-listed the property.  We rolled up our sleeves and went to work, using our extensive database of qualified buyers. We quickly brought in a purchaser interested in rehab properties. Within weeks we closed, winding up with a happy buyer while also relieving the lender of their risk.

The new owner completely renovated and re-tenanted the property. Check out the beautifully updated model unit:

The bright, airy living room

The bright, airy living room

Functional galley kitchen with classic black-and-white color scheme

Functional galley kitchen with classic black-and-white color scheme

Cozy, charming bedroom

Cozy, charming bedroom

Updated master bathroom

Updated master bathroom

A porch that's perfect for relaxing

A porch that’s perfect for relaxing

Within 18 months the owner wanted to resell the renovated property and listed it with us.  Our broker, Solange Velas, then quickly brought an out-of-state cash-flow buyer to the table and closed on the property for the second time in less than two years. Talk about a double success!

Steve Goldman, CCIM

Steve Goldman, CCIM is the Founder/Principal Broker of Goldman Partners Realty. He specializes in net leased and multifamily complexes 30 units and up. vCard

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