So yesterday I got a call from a broker, asking me if I'm interested in look at a property again, for which I did some to due diligent researches 2 years ago.
It is a downtown high rise complex, 336 doors, at the time they were asking 149k/door, and was quickly sold.
Well yesterday the broker said it's back on the market, so I ask him how much and how much it got sold for 2 years ago, the broker said it was sold for 54 millions and now it's listing for 57 millions, so I said basically they just want to get out virtually breaking even?
The answer I got is, of course, nothing surprising, at the time the current owner group got a interest only bridge loan for 2 years and now is under pressure getting refi, and they spent 6 millions on capital improvements, but the rents already peaked before they bought it.
There you have it, I think the current owner group is going to lose 10 millions $ after all dusts settled.
