Dr. Ahmadie owned a 31-unit apartment complex in North Augusta, named Cedar Pines Apartments. The property had been losing money and was requiring the owner to send the management company additional funds regularly. The property was older, and had many maintennace issues–HVAC, roofs, and septic systems being just a few of them. To make matters worse, the oddly shaped 1-bedroom units were hard to rent. Dr. Ahmadie had a property management team who were not responsive, produced very poor quality marketing materials, and made him feel that he needed to work alongside them to help them lease up the complex. He was posting the listings on craiglist and showings units on the weekends. In desperation he listed his property on Loopnet.
I saw the property on Loopnet, quickly ran numbers, and realized that it was listed considerably under market. We called Dr. Ahmadie, and told him we thought he was leaving money on the table. We encouraged him to pull it off the market to give us time to study the property and give him a propsosal. In two weeks, we gave him an analysis of what his property should be worth, and presented him with a plan to accomplish it.
We helped connect him with new property management, and immediately things got better. Collections increased, and the property started to cash flow again. The new management company was able to generate clean financial statements, and we created a marketing package and undertook a campaign to market it.
It wasn’t an easy sale. The property was an older building–partly built in the 1950’s and partly in the 90’s–with a septic system that had been having issues. Banks didn’t seem too interested in lending, and we knew we had a challenge. Within 90 days we were under contract with a buyer, for substantially more what they had asked for when they listed it themselves.
“Jonathan exceeded our expectations when we signed with him to sell our struggling apartment complex. He not only sold the property in a few months but got us the full asking price! We will always be thankful that he helped us.”
Nassab Ahmadie, owner of Cedar Pines Apartments, 31 Units