Case Study — A Double Success in Johnson City, Tenn.
Tuesday, December 2nd, 2014
By: Steve Goldman, CCIM
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
Functional galley kitchen with classic black-and-white color scheme
Cozy, charming bedroom
Updated master bathroom
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!
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