Helping a non-profit receive fair value for their property
In 2004, a non-profit housing development corporation based in Hempstead, NY hired SVS to evaluate the contract price it would receive for a 240-unit apartment complex before the sale went through. The HUD regulated complex consisted of 14 garden-apartment style buildings on a 12 acre site, and was in contract for $8 million.
After evaluating the strength of the residential real estate market and the nature and location of the property, SVS concluded its true worth was in excess of $15 million. We cautioned the non-profit not to go forward with the original transaction.
Less than a year later, a real estate development company headed by former baseball player Mo Vaughn purchased the apartment complex for $18.9 million–more than twice the initial contract price. SVS is proud to have helped this worthy organization receive a fair value for their property.