03 Oct Baton Rouge Multifamily Buyer Lands Bank-Owned Deal

Jonathan Duhon of ELIFIN® represented the buyer in the successful acquisition of the 14-unit multifamily property located at 3250 and 3270 Carlotta St in Baton Rouge, LA.

Challenge

The property had been on the market for over a year and had already cycled through multiple price reductions, dropping from over $2 million down to $1.5 million before the bank took it back. A bank-owned property sitting that long sends a signal to most buyers that something is wrong. Jonathan read the situation differently. The bank had no interest in holding the asset on their books, and that motivated seller dynamic meant the right buyer, with the right offer, had real leverage.

Strategy

Jonathan had tracked this property since it first listed at its original asking price and had already brought two sets of buyers to the table, so he knew the asset and exactly what it would take to get a deal done. When the bank took the property back and wanted it off its books, he matched it with the right buyers: clients who were ready and able to close. Jonathan brought them in with a clear read on the bank’s position and structured an offer built around it, putting the right buyer in front of the seller at precisely the right time.

Result

The buyers acquired a 14-unit multifamily property in a strong Baton Rouge location at a price well below where the asset had originally been listed. The bank moved a property it no longer wanted to carry, and the buyers walked away with a quality asset at a number that reflected the leverage Jonathan had spent over a year positioning himself to use. A year of tracking the asset put Jonathan in position to deliver exactly the deal he knew was possible from the start.

Leading Agent

Jonathan Duhon