Pinewood Place Apartments
1602 Jennifer Drive
Asset type: 51-Unit Property
Sale Price: $1.3 Million
The 51 unit Pinewood Place Apartments in Lexington, Kentucky had been marketed by its owners for more than four months with no acceptable offers. The property owners signed with Sperry Van Ness, citing the company’s strategy of “maximum competition equals
maximun value” as a strong influence in their choice. They looked to their Sperry Van Ness Advisor to market their listing to a national audience, including the hot costal markets where commercial real
estate profits and the demand for reinvestment opportunities were
Sperry Van Ness:
The Advisor implemented several Sperry Van Ness Marketing tools to showcase the listing. He promoted Pinewood Place Apartments via the company’s weekly national sales call, distributed postcards to individuals in his local broker/buyer database and provided fliers to area real estate organizations. He also included the listing on key internet sites and disseminated information through a large scale
e-mail blast sent to more than 500 internal Advisors and 80,000 external brokers and investors.
These efforts reached a national audience, which led to offers from across the U.S. and raised the intrinsic value among out-of-area and local prospects. In the first two weeks, the listing received five offers. One was for the list price with conventional terms. Another was from
an out-of-state investor represented by a Sperry Van Ness Advisor in California. The competition from the second offer prompted a local buyer to submit an aggressive, all cash offer with no contingences.
This offer was accepted and the property closed two weeks later for $1.3 million. The entire process took less than 60 days from list to close.