Earlier this week the CSO hosted its third October sale-a-bration, as a marching band led the Pointe at Chapel Hill down the red carpet to put the final and triumphant touches on its $69.25-million sale.
The property was originally purchased in December of 2015 for $39.3 million. In just six years, the team was able to re-engineer the property and sell it for $69.25 million, returning $28.8 million to our investors.
The property initially launched in the fall of 2020, but the team knew it could top the offer that was on the table.
“The first offer was for $63 million,” said partner and regional PCM trainer Kia Fenty Ngo. “We knew we could sell it for more. I was like, ‘Okay, let’s kick it into a higher gear.’ We had to drive rates and occupancy to get us there.”
Sales associate Nick Friedrichs and general manager Melissa Olsen knew it came down to the foundation of our house – people.
“It is all about the people,” Melissa said. “We knew how to rebuild it and knew what to do to be successful. We followed the systems and it led to our success.
The sale took grit, hard work, and dedication. Kia said the sale was the result of the right manager leading the right team.
“(CEO) Bob Lloyd couldn’t have said it better. Melissa is the person that comes across very quiet and reserved but she is a silent killer,” Kia said with a laugh. “She is organized, gritty, and she knows how to turn it on. When she needs to be that 8.5 salesperson, she is.”
The Pointe team also achieved these impressive results:
- Increased income by $509 thousand- 248% increase
- Increased NOI by $1 million- 55% increase
- Achieved 21.2% IRR
A big congratulations to the Pointe at Chapel Hill team!
- Melissa Olsen, general manager
- Kia Fenty, partner and regional PCM trainer
- Nick Friedrichs, sales associate
- Michelle Hendey, sales associate
- Drake Hammonds, lead tech
- Gladis Martinez, grounds
- Bob Lloyd, partner and CEO