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Portfolio Sale: Deer Creek Apartments
With so many moving parts, it pays to prepare before you go to market.
Over the last few months, Kyle Nelson & Chris Blackmon have been navigating the sale of this multifamily residential package in Milledgeville, GA. Last week, with the assistance of Tripp Bridges of Blasingame, Burch, Garrard & Ashley, P.C., the sale was completed.
The sale of Deer Creek Apartments involved 17 units, on two tracts of land, each with multiple tenants and full management in place. Yet despite all of that, it closed early-the whole transaction took just over 90 days.
Complex commercial transactions are often equated with long, drawn-out processes and multiple delays, but they don't have to be.
Drilling down on the numbers and the involvement of the parties prior to going to market can keep the time the property is held in escrow to a minimum. Requesting any due diligence materials at the time the property is listed can make sure there there are no surprises that could cause costly delays, and can even help reduce the stress on the Seller once an offer is presented.
Having an experienced broker to help you unravel all of the moving parts and keep them moving is key to your success. Let us know if we can help you with your investments!
