This was a purchase from one of our best investor clients, we actually met them at a walk thru on a property they were selling to one of our other great clients. From that day on we have closed over $75 million with them.
Typical challenge for the times in the market area. Price was high and rents were lower than market. The client was under time constraints due to an exchange, and he had to fend off the competing bidders.
Buyers were able to negotiate with seller to raise rents while in escrow. This helped us to be able to obtain a bit more leverage and we close the deal and on time.