It was a good deal for the many condo owners. The sale price equates to an average $256,410 per condo, which represents a 50% premium over individual sale prices in the area, according toJoe Smazal, Interra managing partner. And Beal now has more than 100 well-located rental units without the cost and headache of new construction.
“With more than a hundred condo owners, this transaction was challenging,” says Smazal. “We helped navigate every step, from educating owners on the value of the deconversion process, to guiding them through the voting process, to closing the sale. Everybody achieved an ideal outcome – an extremely attractive exit strategy for the condo owners and a stable asset in an irreplaceable, densely populated location for the buyer.”
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