SOLD PROPERTY 

5200 W Wooley Road, Oxnard, CA 93035

Square Footage: 5,542 SF

Final Closing Price: $2,838,000

**The remaining 1031 exchange funds were used on a separate transaction.**

 

PURCHASED PROPERTY

2928 Broadway St, Galveston, TX 77550

Square Footage: 8,320 SF

Final Closing Price: $1,970,082

 

Challenge

The down leg of this 1031 exchange was the multifamily property located at 5200 W Wooley Road, Oxnard, CA 93035. The apartment complex included seven units and was built in 1964. The seller of this multifamily property wanted to get out of a management-intensive asset and into something more stable in the current environment.

 

Strategy

The multifamily seller, represented by Robert Schenk and Daniel Withers, selected a Family Dollar as the like-kind up-leg property. The Matthews agents, Brett Baumgartner, Josh Bishop, and Scotty Latimer, represented the seller of the up-leg Family Dollar property. This particular Family Dollar was a 2015 build-to-suit construction. The subject property is ranked within the top 25% of Family Dollar stores both in Texas and Nationwide. The seller of the Family Dollar aimed to improve security and cash flow.

 

The Matthews™ agents skillfully raised awareness about the Family Dollar property by employing Matthews™ email marketing campaigns. These customized emails, precisely directed to a diverse audience, effectively highlighted the property’s distinctive attributes and advantages. This approach resulted in an influx of inquiries, property viewings, and multiple offers.

 

Results

The sale of the multifamily property exceeded its listed price, attracting significant attention in the market, and ultimately resulted in more than 15 competitive offers from interested buyers. In a strategic move, the seller successfully executed a 1031 exchange, leveraging the proceeds from this sale to invest in a triple net property. This all happened within the scope of the 1031 exchange timeline.