I’ve owned apartment units in Orange County for a long time. My most recent building was a 16 unit complex located in Anaheim. While I’ve always done well with my multifamily investments, I recently entered the stage of my life where I was looking to make things easier.
I decided that I wanted to complete a 1031 exchange out of state into an asset with no management or maintenance responsibilities. The team at Centennial was very helpful in modeling out exactly what my current cash flow was and comparing it with potential replacement properties. I chose to list my units with Centennial and ultimately completed a very successful 1031 exchange.
Mike Alper and Andrew Alvarez ran point on my listing and simultaneously showed me upleg properties that I could purchase out of state. They generated multiple competitive offers on the apartment units. I really appreciated that they summarized all offers and provided proof of funds and a schedule of real estate owned so that I could understand the backstory of each buyer and their probability of performing. They helped negotiate a very short 10-day contingency period for the buyer so that I knew I could confidently write offers on potential replacement properties.
I felt like Mike and Andrew really listened to my criteria. They only showed me properties that made me more cash flow and had less work to do. The property I ended up purchasing was an extremely well-located Popeyes Chicken in Indiana. It was the outparcel to a Target, sandwiched between McDonalds, Burger King and Arby’s, catty-corner to a Walmart Super Center and across the street from a Sam’s Club and Staples. The property came with a 20-year NNN lease with 5-year extensions after that. The tenant has 32 locations and is currently developing more. I was especially happy that the lease was backed by a very strong personal guarantee.
The outcome of the exchange definitely exceeded my expectations. If you’re looking for investment property brokers who are straightforward and will consistently communicate about their progress on transactions I’d definitely recommend Centennial Advisers. You’ll get the personalized service that larger firms don’t provide and the results will be worth it.
