Protecting a 22.32 Million Birr Apartment Acquisition
The Client Miss Selamawit Ekubay, a second generation Ethiopian living in the United States, was looking to acquire a private residential apartment in the center of Addis as a long-term investment. The apartment was in the final stages of construction, and the client saw an opportunity to secure the property before completion. However, purchasing an unfinished property from abroad meant relying on the developer to complete and hand over the apartment as promised. As she heard bad stories of how deals like this have panned out for other people, she was very hesitant to commit. The client needed someone on the ground to protect her interests, structure the agreement properly, and remain involved throughout the final stages of construction to ensure the developer delivered on its commitments.
The opportunity
A client living abroad was interested in acquiring an apartment in the heart of Addis Ababa from a residential development that was already in its final stages of construction. The apartment presented an attractive opportunity, but the building was not yet complete. For the client, the key question wasn't simply whether to buy the apartment, it was how to make the investment while protecting her interests and ensuring the developer followed through on its commitments.
The challenge
The client was committing 22.32 million birr to a property that had not yet been handed over. The developer had committed to completing the remaining work and handing over the finished apartment within a defined timeframe. However, as with any property purchased before completion, there was a risk that construction could be delayed, specifications could change, or agreed obligations might not be fulfilled. For a client living abroad, enforcing those commitments from a distance could be particularly difficult. TATARI's role was therefore not simply to facilitate the purchase. We needed to structure the transaction in a way that protected the client's interests and gave us the ability to remain involved throughout the process.
What TATARI did
TATARI stepped in to manage the acquisition and protect the client's interests throughout the final stage of the development. We worked with the developer to structure a tripartite agreement that clearly established the developer's obligations and included TATARI as a party to the agreement. The 22.32 million birr transaction included a firm commitment from the developer to complete and hand over the apartment within 6 months. TATARI remained involved throughout this period, monitoring progress, coordinating with the developer, and following up on outstanding requirements. The developer fulfilled its commitment, and the completed apartment was handed over to our client within the agreed timeframe. Our involvement ensured that the client had a team on the ground protecting her interests from the agreement through to completion.
Evaluated the opportunity
TATARI assessed the development and the apartment as an acquisition opportunity, reviewing the stage of construction, the proposed terms, and the client's objectives. We identified that the property could be a suitable acquisition, provided the remaining construction and handover obligations were clearly defined and properly documented.
Structured the agreement
Rather than leaving the client to enter into a conventional buyer–developer arrangement, TATARI worked to establish a tripartite agreement involving: The Client + The Developer + TATARI This structure ensured that TATARI was formally part of the transaction and could remain directly involved in monitoring the developer's obligations. The agreement clearly established the developer's commitment to complete and hand over the apartment within the agreed timeframe.
Protected the client's interests
The agreement was structured around the client's interests, with clear obligations relating to completion and handover. By making TATARI a party to the agreement, we created an additional layer of accountability. We weren't simply introducing the client to a developer and stepping away after the transaction. We remained part of the relationship responsible for keeping the developer accountable to the agreed terms.
Monitored construction
Once the agreement was in place, TATARI continued to monitor the development on the ground. We maintained communication with the developer, followed the progress of the remaining construction, and kept the client informed about the status of the apartment. Rather than relying solely on assurances from the developer, our team maintained an active presence throughout the completion period.
Held the developer accountable
The developer had committed to completing and handing over the apartment within 6 months. TATARI monitored the progress against this commitment and followed up on outstanding requirements throughout the period. Our involvement meant that the developer had an accountable party on the ground representing the client's interests and monitoring whether the agreed obligations were being fulfilled.
Completion & handover
The developer completed the apartment within the agreed timeframe. TATARI coordinated the final stages and verified the completed property before handover. The client ultimately received her completed apartment within the agreed 6-month period, as committed by the developer.
The TATARI difference
The value TATARI provided wasn't simply helping the client purchase an apartment. It was protecting the purchase after the decision to buy had been made. By becoming part of the agreement, TATARI created a direct role in the transaction rather than acting as a one-time intermediary. We helped establish clear obligations, remained involved throughout the construction period, monitored progress, and kept the developer accountable until the apartment was completed and handed over. The client didn't have to manage a developer from abroad or rely solely on promises made at the point of sale. She had TATARI on the ground, involved from agreement through completion. Find. Secure. Acquire. Own.