Challenge
A real estate investor, Joe Diiorio, based out of New York had recently sold an apartment building and wanted to enact a 1031 exchange, which allows for reinvestment of the proceeds from a transaction. Diiorio has been in the business for over 20 years and up until this point, primarily owned and operated investment properties in Brooklyn and Manhattan. He was interested in entering the Cleveland market because his son is a Cleveland transplant from New York. The client had a tight, 180-day timeline to find a new investment property in the Cleveland area and execute the transaction. He hired Allegro after being referred by a colleague in the industry.
Solution
Allegro sat down with Joe to clearly identify and understand his investment goals. Based on those findings, Allegro developed a timeline and offered the client an extensive list of opportunities. Together, the client and Allegro analyzed each opportunity individually. Allegro arranged tours of the properties with the client in order to create a short list and ultimately, help him select the investment he acquired.
The client chose to purchase a multi-tenant shopping center. He saw it as a viable opportunity because it was fairly new construction, well-maintained, located in a fast-growing retail area, and was already fully-occupied and stabilized. Even with the tight timeline, this transaction closed almost one month ahead of schedule, allowing the client to focus on his next project.
Ultimately, Allegro was able to interpret Joe’s investment goals, engage in creative problem solving and identify a unique opportunity well-suited to his specific intentions. He will continue to invest in the Cleveland area and has already engaged Allegro in the quest of adding a multi-family property to his portfolio.
