FRISCO, Texas (April 7, 2016) – Jerad Rector and John McGregor of Worldwide Commercial just closed the sale of the Frances Way Villas apartment complex located just south of Beltline Road and east of I-75 in Richardson, TX. Frances Way Villas is a 200-unit, value add multifamily complex built in 1979.
Prior to hiring Worldwide Commercial, the seller had received unsolicited offers and Broker Opinions of Value on the property. Through in-depth research Jerad and John developed an understanding of the project that showed a much higher value. They undertook a very hands-on, high-touch marketing approach which included developing a strong offering memorandum with a compelling Pro-Forma model to illustrate the value add story. Worldwide Commercial generated substantial activity and within 1 month of initiating the marketing, we qualified dozens of potential investors, scheduled numerous property tours and generated several offers which were all well above the previous value stated by other parties. The winning buyer was carefully qualified and selected based upon their experience and capabilities in closing similar transactions.