In the biggest multifamily deal of his career, Chris Greco brokers a $35M deal between long time client Michael Hananel of WNY Metro Horizon and Nick Sinatra of Sinatra & Company Real Estate. Deals like this don’t happen over night. They take years, in this case 10 years as it was reported in the Buffalo News. Clients are not always looking for the deal either as was also the case. It takes a savvy broker to know when the opportunity is right for his client. In this case a client was able to cash out at the right time and a buyer was able to nearly double their portfolio. Chris and Mike have worked hard to build the WNY Metro Horizon portfolio so finding the right buyer was critical. Buffalo Rising reports, “I am proud of our accomplishments over the past ten years in Buffalo real estate,” said Hananel. “We have become the largest provider of green housing in Western New York, working closely with our community partners, vendors and employees. While I hadn’t been seeking a buyer, I am excited that Chris Greco approached me about this strategic transaction with Nick Sinatra as he will continue to fulfill the vision we have had for these properties by merging our management team with his and continually investing in and upgrading the properties to benefit the tenants and the community.”
There are many factors that are important to deals like this. What are some of those factors? Greco clients hear a lot about how market climate and lack of inventory make portfolio purchases very attractive. Keeping your inventory in good condition is also important and something that Greco clients are encouraged to do. As quoted in Business First, Sinatra said, “the strong condition of the apartments and its healthy rent rolls were other key factors in his decision to move forward with the deal.” At Greco Real Estate.com we work with our clients well after the deal has closed to make sure they have the strongest portfolio possible in case the market is right to sell. We are proud of Chris Greco and the hard work he puts in on behalf of his clients. He treats every deal like a $35 million dollar deal.