Deal Close
August 28, 2026
Type
Multifamily, 143 units
Price
$15,300,000
Ryan Carter
Midwest Multifamily Team
Executive Summary
Greysteel won this listing with a valuation roughly 20% above a competing broker’s opinion of value, price entirely on a pro forma mark-to-market rent story the submarket data supported.
Eleven offers came in, but the winning bidder went dark for days after signing the purchase agreement and never funded a deposit. The backup buyer then hit the team with a $1.6 million late-stage retrade before ultimately closing $300,000 above original guidance.
The Challenge
The initial winning buyer — selected for offering hard money at execution — stopped responding entirely after signing, missing a two-day deposit deadline with no explanation, forcing a scramble to keep the deal alive. The backup buyer then surfaced a $1.6 million retrade late in due diligence with little supporting basis.
The Solution
Greysteel moved immediately to the second-place buyer once the first buyer’s silence made the deal’s status clear, then pushed back hard on the unsupported retrade, negotiating it down to roughly $300,000 tied to a legitimate siding repair item rather than accepting the buyer’s initial number.
Results
- $15,300,000 sale price, roughly $300,000 above original guidance pricing
- 11 competitive offers generated on a pro forma mark-to-market thesis
- Recovered from a buyer who signed, then disappeared without funding a deposit
- Negotiated a proposed $1.6 million retrade down to approximately $300,000
- Buyer closed at 80% leverage, 6.25% interest rate
“The team generated 11 offers by emphasizing a clear mark-to-market rent opportunity supported by submarket data. After the initial buyer failed to fund its deposit, Greysteel quickly moved to a backup buyer and later negotiated a proposed $1.6 million retrade down to approximately $300,000 for physical improvements. The buyer ultimately closed with 80% leverage at a 6.25% interest rate, delivering a strong result despite multiple execution challenges.” — Ryan Carter, Greysteel Lead Deal Contact, Midwest Multifamily Team
Greysteel Advisory Expertise
Greysteel is a commercial real estate advisory firm specializing in investment sales and debt and structured finance, serving private investors, middle-market operators, and institutional clients nationwide.
The firm provides sector-focused advisory across multifamily, healthcare, and affordable housing and other commercial real estate asset classes, delivering market intelligence, capital markets expertise, and disciplined execution.
