48-Unit Multifamily Property in Chilliwack | $4.175M Transaction
Successful Sale of 48-Unit Multifamily Property in Chilliwack
Case Study: Efficient Marketing and Client-Centered Service
On August 26, 2016, Sam and his team facilitated the sale of Bole Apartments, a 48-unit multifamily building located at 46155 Bole Avenue, Chilliwack. The property was sold for $4,175,000, achieving favorable terms for the client through a comprehensive marketing strategy and diligent preparation.
Transaction Details
- Property Address: 46155 Bole Avenue, Chilliwack, BC
- Sale Price: $4,175,000
- Sale Date: August 26, 2016
- Property Type: Multifamily apartment building
- Number of Units: 48
- Cap Rate: 3.8%
Property Overview
Bole Apartments is a three-story rental building constructed in 1977, featuring 48 suites with an excellent mix of 12 two-bedroom, 33 one-bedroom, and 3 bachelor units. The property had undergone significant upgrades, including a new roof, exterior improvements, and a fuel-efficient boiler, enhancing its appeal and reducing maintenance costs.
Neighborhood Benefits
Situated on the southeast corner of Bole Avenue and Victor Street, the property is within walking distance to Chilliwack’s historic Five Corners area. Its proximity to major connectors like Yale Road and Highway 1 provides convenient access to Vancouver and other regions. The area offers attractive natural features, retail options, and amenities, making it appealing to residents.
Client Relationship and Market Strategy
The client, aiming to simplify her multifamily portfolio, sought assistance in selling the property. Sam and his team prepared a comprehensive due diligence package, ensuring potential buyers had access to all necessary documents. They developed a detailed marketing package showcasing the property’s key features and recent upgrades. Utilizing a multi-faceted marketing approach—including direct outreach, paid advertising, social media, and commercial real estate platforms—they successfully attracted a broad audience. Additionally, they carefully qualified interested buyers, coordinated property tours with caretakers, and ensured minimal disruption to tenants. This strategic approach resulted in the client accepting the first offer within days of listing, securing a favorable price and terms.
Market Insights
Chilliwack has been experiencing significant growth, with ongoing redevelopment and investment enhancing its business climate. The combination of natural attractions, convenient retail options, and a low cost of living continues to draw residents, increasing demand for well-maintained multifamily properties.
Conclusion
This transaction highlights Sam and his team’s expertise in strategic marketing and client-focused service, resulting in a swift and successful sale that met the client’s objectives.
Testimonial
"Sam and his team worked extremely hard in getting our building sold very quickly. Sam’s client-focused approach was in full display from the start; his diplomatic approach in working with the purchaser’s agent was the main reason our building was sold for the most price in the shortest amount of time. Sam hand-delivered documents to our family each and every time, answered all our questions during and after the sale; we highly recommend Sam Emam to other Chilliwack owners in selling their multifamily or investment property."
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