TrueRate was able to sell this partially renovated property at a value that was based solely on proof of concept of renovations leading to rent growth. The team gathered over 85 signed NDAs in a tertiary market with low transaction velocity - this is the largest of eight total trades over the past two years in this market. The property sold at a 6.83% cap rate in a location where investors typically seek 7%+ cap rate deals. TrueRate facilitated a smooth contract period and negotiated for a hard contract deposit day one. The price was not re-traded amidst changing and uncertain market conditions. TrueRate received multiple offers in writing and facilitated a competitive bidding process.
