The Good Old Days Are Back
February 9, 2010
A 612-unit apartment complex in Granite Bay has changed hands for $54M. The property went from hitting the market to sold in 48 days. Part of the reason why this was possible is the agency debt available for apartment purchases.
The best part of the deal was the due diligence.
According to John Adair, a principal with Prime Group, his company completed due diligence in just seven business days.
Seven days is not due diligence, it’s what we call sue diligence.
[via Globe St.]
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Prime Group competes by being very fast with due diligence, but they are very careful with their price. Prime Group did not participate in the bubble pricing, but is trying to compete now by being fast.
I live in Granite Bay and I can't believe that price per unit or that the value is anywhere close to that!!
LC Chase
http://www.commercialrealestateunderground.com
i loved that one this morning too. I try to do due diligence in 7 days. although i ask for significantly more. i can do 7 days though if all the docs i need are delivered immediately and in order. who knows, the price doesnt sound outrageous. i was more shocked by the ability to finance the property.