01 Aug How ELIFIN® Secured the Right Buyer to position their client for a 1031
Benji Azar and Noah Loveland of ELIFIN® represented the seller in the successful sale of a 44-unit multifamily property located at 2916 N Monterey Court in Terrytown, Louisiana.
Challenge
The owner was exiting multifamily and rolling the proceeds into a retail acquisition through a 1031 exchange. That gave Noah Loveland and Benji Azar a second job beyond finding the highest number. Any money the seller carried as paper instead of cash at closing would count against the exchange, not toward it. The best offer only mattered if it actually delivered full funds at close. The agents needed a buyer who could pay top dollar and perform inside the exchange’s terms.
Strategy
Loveland and Azar took the property to the multifamily buyer pool and brought in at least half a dozen offers from multiple competing groups. Several pitched no money down deals and hybrid financing structures common in the New Orleans multifamily market right now. Those offers looked competitive on paper, however they would have left the seller holding a note instead of cash. Loveland and Azar vetted every offer on two fronts: could the buyer actually close, and would the structure deliver the funds the seller needed for the exchange. That vetting cut the field down to buyers with real capital and financing already lined up. With the right buyer identified, Loveland and Azar negotiated the price directly, until it accurately reflected the property’s full value.
Result
The property sold to a buyer using traditional bank financing, delivering the full cash proceeds the owner needed to complete the 1031 exchange into retail. By honing in on the specific advantages of each offer and understanding the dynamics of a 1031 exchange along with the seller’s objectives, Azar and Loveland were able to successfully close the transaction for their client.
Leading Agents
Benji Azar
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