From having performed several high end case studies myself over the years, I have come to appreciate a well written version from others.
This one, coming from a 1031 Exchange company, does a solid job of telling one side of the story along with showing how and why the exchange came to be.
However, as I see it, there were possibilities from both sides of the exchange to be shared which were not. From a marketing standpoint, a Case Study (or marketing piece, which, in reality this is) becomes even more effective when it shows how both sides "won" instead of just one side.
When you open the (below) link, you will see the story about exchanging out of a Los Angeles apartment complex suffering from below market rents. This is not to say the owner of this property was not suffering headaches because of it. It is not an easy situation.
The point here is that there may have been other options to use in terms of finding a buyer (or to present as a 1031 possibility). Although this may have been done, it was not shown within the Case Study, which is important to its overall effectiveness.
A long term investor faced with current year capital gains (or other tax consequences) might see value in being able to extend current leases now to assure having a certain number or percentage of occupied units three years from now. At the same time, losses could be shown for the process of renovating the available units, which (hopefully) leads to being able to request market value or higher rents going forward.
Showing a tax loss "now" while having a cash flow plan within five years makes the apartment building situation, as described, into an investment (or exchange) with more potential than is shown in this Case Study.
Consequently, the Case Study could show how both sides "win" on the exchange, instead of making a potential client want to make sure they are on the "winning" team.