In 2015, we continue to see evidence of an appreciating multifamily sales environment. We sold 1320 Garfield Street for $2,800,000, which equates to over $230,000/unit! The Buyer is a foreign investment group that was drawn to the truly turnkey nature of the investment.
When we sold this property a little over one year ago, we knew the investor already had some “built-in” equity at the time of his purchase because that was an off-market deal. The 2015 sale is a great example that full market exposure is still the best way to maximize your sales price. High rents have continued to push apartment prices to unprecedented levels. Only three years ago, it was a really big surprise to see a sale above $100,000/unit.
Other components that contributed to an extraordinarily high price per unit:
• The property has a rare mix of 1 and 2 bedroom floor plans not typically found in a 12-unit
• It was completely remodeled in 2013 by Cornerstone Apartment Services.
• Cornerstone’s effective management generated premium rents.
• The Congress Park location has improved dramatically in the last decade.