Contributed by: Steve Goldman, CCIM & John Dempster, Brokers, NAI Knoxville

We thought you might be interested that on June 16, we closed on the sale of the Ashlandwood Apartments. This is a 79-unit complex very close to West Town Mall in west Knoxville. The buyer was the owner of the adjacent Briarcliff At West Hills Apartments. The sale included a short sale with a local bank and we acted as “facilitator agents” in the transaction.

This was a really tough deal to get done. And frankly, we are proud of getting through it successfully in 115 days from start to close. Here is a short case study on the transaction.

We learned Feb. 22 that the apartments were in foreclosure with an auction in three weeks. A commission agreement was worked out, which included permission to contact the lender regarding a possible short sale. We delivered a written offer on Feb. 25. It was a complicated deal due to the short sale negotiation, dealing with other secured property etc., but it ultimately led to a fully executed contract at $1,850,000 on 4/1/2011, including the necessary agreements with the lender. More >