Property Overview

I recently helped my client sell a portfolio of residential condos located at 1801 Janlyn Rd, Louisville, KY 40299. The properties had been marketed previously in 2021-2022 but failed to close due to complexities associated with condo ownership, such as condo boards, fees, and shared expenses.

Client Background

My client initially listed the portfolio during a hot market with low interest rates, attracting considerable interest. However, four separate out-of-state buyers failed to perform, causing frustration for both my client and his tenants. He ultimately took the properties off the market.

Strategic Insights

Impressed by my success with a previous multifamily listing, my client reached out for assistance in selling his portfolio. Despite rising interest rates and a softer market, I developed professional marketing materials and relaunched the listing.

Challenges Encountered

This transaction faced several hurdles, including:

• Educating potential buyers about the nuances of condo ownership.
• Screening offers to ensure buyers could perform and understood the investment.
• Overcoming a less favorable market compared to 2021-2022.

Negotiation & Outcome

Despite these challenges, we generated strong interest in the portfolio, leading to:

• 7 showings
• 3 offers
• Over $85k per unit

We achieved a strong price per unit in a challenging economic environment by thoroughly vetting buyers and demonstrating the portfolio’s value.

Conclusion

This sale demonstrates the importance of working with an experienced real estate professional who understands both the intricacies of investment properties and effective marketing strategies. If you’re interested in buying, selling, or leasing commercial property in Louisville or the surrounding areas, let’s connect! You can reach me at 502-536-7315 or raphael@grisantigroup.com.