December 29, 2011

Matrix Real Estate

Photo courtesy of Matrix Real Estate [enlarge]

Riverstone is a 100-unit condominium project in Bellevue.

A distressed, 100-unit Bellevue condo conversion project called Riverstone, 14122 S.E. Sixth St., has sold out. The marketing program included cultural training for sales agents to help them better understand buyers, many of whom were from the East Indian community. The project by Riverstone Limited Liability Co. went into receivership in the summer of 2009. The receiver hired Matrix Real Estate to market the project. At the time, 70 units were unsold. Matrix offered reduced pricing, but had to find financing for buyers with less than 20 percent for the down payment. Plus, the property was “shop worn” because it had been on the market for some time, Matrix officials said. The company recommended hiring contractor Dennis Willard of Project Control Consultants to complete the project. Matrix approached the construction lenders and negotiated a package of portfolio loans for the buyers with as little as 3.5 percent down. As units sold, the project obtained Federal Housing Administration approval, which allowed buyers to make minimum down payments and allowed the construction lenders to sell their portfolio loans. During early sales, Matrix noticed most buyers were from the East Indian community, so the company hired a real estate expert from the community to train members of the sales team. The average sales price was $263 per square foot, said Warren Ballard, Matrix senior developer representative.