The property consisted of 250 housing units comprised primarily of two- to four-family dwellings, located almost entirely in Worcester County, Massachusetts.
The seller had grown the portfolio to a sizable number since the depths of the Great Recession and was looking to execute a capital event to repay initial investors.
Our team conducted a structured and aggressive eight-week marketing and public relations campaign in order to draw the desired broad-market focus on the property. The property was offered with a sealed-bid deadline and with reserve, subject to the seller’s acceptance of the bid.
This produced several offers from REITs and private buyers. The winning bidder emerged from an approved lender for the portfolio, who was looking to fold this portfolio into his ongoing operations and to expand into the Massachusetts market in a big way.