Pandemic-Era Occupancy Challenges

THE CHALLENGE

• Exiting a 100-unit apartment complex acquired through an international partnership
• Dispute with US partner created obstacles
• Property occupancy fell to 63% due to Covid-19 resulting in loss of existing off-market offers

THE SOLUTION

• Engaging The Mogharebi Group on the disposition of the asset
• Listed in November 2020: The Mogharebi Group tapped their exchange pipeline and relationships, receiving eight offers in less than 30 days
• Deal closed at 101% of List Price, setting a new market record
• Winning offer: $44.4 million with a $100,000 non-refundable deposit
• 2.6% in-place cap rate
• 4.25% stabilized cap rate