A Scottsdale-based brokerage is launching a hybrid venture to connect commercial and single sale residential real estate services.
Victoria Miachika and her daughter Deanne Miachika founded REIM three years ago as a multifamily brokerage, working with clients who were buying value-add properties as well as with apartment developers in the Valley.
Meanwhile, Young and Ottosen had been working together for six years representing small and medium-sized infill developers focusing on construction of townhomes.
When Deanne Miachika was out scoping townhomes, looking for townhome developers, she met Young and Ottosen.
They got to talking about how each of the firms operated in their own silo, either focusing on commercial transactions, where an investor will buy townhome rentals as a single asset, or in the residential sector, where each townhome would be sold to an individual homeowner.
By teaming up, they each bring a certain set of skills to a developer to help that developer make better decisions on which route to take when platting a property, ultimately defining who will buy the property, either an investor buying a single asset or multiple individual homeowners.
“We are providing a holistic approach, creating multiple lenses that generally don’t work together,” Ottosen said. “We’re now sitting at the same table conferring with a client in what’s going to serve them best in their project.”
Market has been shifting
This new hybrid model comes at a time when the market has been shifting, Victoria Miachika said.
“We can interrupt the thinking of a developer,” she said. “They get so caught up in one viewpoint when they’re only working with a commercial broker who is focused on a multifamily transaction. They’re not going to get another color on the table. When you sit at the table with us, you get all the colors. We give you a blended color and talk to land values.”
Their teamwork paid off for Randy Rochford, the developer of Arise, a 14-unit single-family townhome in north Phoenix, finding a qualified investor group for the purchase.
Originally, the property was slated for single sale, but after reviewing the strong rental market, compressed CAP rates, cost of sale and the ease of working with one buyer versus 14 individuals, the developer decided to execute a bulk forward purchase strategy.
“Their investment analysis and capacity to execute a broad range of disposition options created a new opportunity we had not considered,” Rochford said in a statement.
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