NewGen Advisory is pleased to announce the closing of a large, all-cash 1031 exchange transaction that the company was able to facilitate in 30 days amidst the Thanksgiving holiday. The associated 120-unit property is located in Phoenix, Arizona on Northern Avenue and Highway 51, adjacent to Piestewa Peak and near the Biltmore district, and falls under the Best Western flag holding a purchase price of $13,800,000.
NewGen was honored to represent both sides of the transaction – buyer and seller. Much of the ability to turn this transaction around so quickly came from synergies between NewGen team members Dan Rama and Ryan Bodine.
Through his network of motivated buyers looking to leverage the benefits of purchasing properties through a 1031 exchange, Mr. Rama was approached by an investor in his network from Southern California who was actively looking for investment opportunities. By pairing the buyer with Mr. Bodine’s extensive hotel listings, including off-market properties, the team was able to quickly drive from the execution of a letter-of-intent (LOI) to the close of the transaction in 30 days; well within the 45 day 1031 exchange requirement for the delivery of the property.
The NewGen Advisory team uses their deep industry relationships to quickly find a buyer an off-market asset and work closely with all stakeholders to ensure a smooth and timely close. It is these types of synergies that are at the heart of NewGen Advisory’s mission and allow them to create a smooth process for both buyers and sellers simultaneously.
Looking for more information on 1031 exchanges?
If you are an investor in hotel properties and are looking to use the proceeds from the sale of one property to reinvest in another then a 1031 exchange may be the best way to fund the transaction.
A 1031 exchange can carry a variety of benefits with it. Including, but not limited to, the deferral of capital gains taxes and the ability to further diversify your investment portfolio.
For more information about the various 1031 exchange strategies and the criteria for qualifying for such a transaction, please consider reading this article.
Or, to speak with a NewGen advisor about how a 1031 exchange could work for your investing activities, email us at info@newgenadv.com or call 602-648-2700.