74 NE Ivy is now closed. It closed May 10th for over asking. The clock is now ticking. We have 45 days to identify what properties we want to buy and 180 days to actually close on them. Day 45 is a Saturday and there are no extensions for any reason: weekend, Christmas, or stupidity. This means that we have to let our Qualified Intermediary know by Friday, day 44.
Our current plan is to buy two properties with the proceeds from the sale of NE Ivy. We have to spend at least the amount of the sales price and maintain the same amount or increase the debt the property had on it the day it closed. There would be no point in just buying one property as it would maintain our existing leverage position. Our plan is to buy two properties. We’ve made an offer and should hear back today on the first. The second property is still up in the air.