In the midst of a pandemic and economic shutdown Compass Commercial Real Estate Services brokers Ron Ross, CCIM and Terry O’Neil, CCIM sold the 16-unit apartment complex, Juniper Court Townhomes in Madras, in less than 30 days.
The Juniper Court Townhomes, located at 339 SW H Street in Madras, was listed at the beginning of April 2020. The deal was closed by April 30. Ross and O’Neil represented the seller, Hal’s Dens, LLC.
COVID-19 and economic shutdown presented a substantial challenge in selling the property. Interior inspections of the occupied units were not deemed a safe practice, for both the occupants and inspectors. In light of these challenges, the seller was realistic and priced the property to sell.
There was a great deal of interest, and the sellers had offers within the first week of marketing. A local apartment investor with years of experience in the multifamily sector recognized the opportunity and purchased the property. They were pleased with the complex and were comfortable with no interior inspections.
The buyer funded the purchase with their funds, so they did not have to rely on a loan in these uncertain times. They intend to upgrade the property by remodeling the units on turnover.
Call Ron Ross at 541.322.1230 or Terry O’Neil at 541.408.1202 if you are interested in selling your multifamily properties or want to talk about what is happening in the market. We are happy to let you know what we are seeing and are very interested in what you may be experiencing.
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