In March, a group of investors led by real estate developer Matt DeBlasio purchased a 10-story, two-story apartment in Memphis, Tennessee.
The building is listed for $2 million.
The owners plan to use the proceeds to buy a second, 15-story building in the area, DeBlacio said.
The developers, who are also looking for buyers for their other properties in the city, plan to move the apartments to their current homes, Deblasio said.
While the sale is in the early stages, DeBasso said the owners are willing to discuss financing and other details with potential buyers.
“We’ve got a great team here that is focused on finding good properties,” he said.
Real estate agents typically look to buy homes for between $1 and $2.5 million.
DeBlasso said that he and his investors have a lot of confidence in the sellers ability to build a strong team and that the developers are committed to a successful process.
DeBasio and his team have been selling apartments for about five years.
“The first one, they sold it for $1,500,” he explained.
“And I told them that they could do it for a little less.
They’re working on getting another one for $600.”
DeBlanche said he hopes to move into a bigger building with the next apartment sale.
“There’s a lot that can go wrong in a market that is constantly growing,” he told the Associated Press.
“This has been a big one.”