Auction.com To Bring More Than $2 Billion In Commercial And Residential Properties To Sale This Summer
$100 million office complex part of a $300 million custom auction event on July 22nd and 23rd
IRVINE, Calif., June 23, 2015 /PRNewswire/ -- Auction.com, the nation's leading online real estate marketplace, today announced that it will bring more than $2 billion in real estate assets to sale at auctions over the next two months. In addition to its regularly-scheduled commercial and residential real estate auctions, the company will hold a $300 million custom auction event on July 22nd and 23rd that includes a $100 million office complex located in Southern California and three multifamily assets located in Florida, Nevada and Arizona. Auction.com's custom two-step process, typically conducted on higher-priced properties, allows interested bidders to first qualify for a "short list" by submitting a sealed indicative offer prior to the live auction. Indicative offers are due June 25.
"July's custom auction is the latest example of how the market is accepting Auction.com as a reliable partner for moving high quality, traditional CRE properties," said Auction.com's Executive Vice President Rick Sharga. "Almost 50 percent of the properties we bring to auction today are non-distressed, desirable assets. It's gratifying to see building owners and forward-thinking CRE brokers recognize that we can help them move their best properties more quickly, efficiently and profitably by leveraging internet technology."
Auction.com custom auctions are single-property/portfolio events for high value properties. The process provides a more flexible experience in often complex institutional property sales. Once the short list is selected, qualified buyers are given about four weeks to perform due diligence on the property before the online auction begins.
Adding this step prior to the live auction benefits both the seller and the buyer. Through viewing the indicative offers, a seller gains insight into the number of bidders whose initial valuation of the property is in line with its own. In addition, by first requesting an indicative offer, the process ensures that the buyers on the "short list" are within striking distance of the seller's expectation, saving bidders time and money as they move forward in the process.
The properties to be auctioned through the custom process include the following:
Manhattan Towers – Manhattan Beach, California
Manhattan Towers is a 309,734-square-foot complex with two six-story office buildings and two levels of subterranean parking. Located at 1230 and 1240 Rosecrans Ave. in Manhattan Beach, the complex is LEED Gold certified and features high-volume spaces with 14-16 foot slab heights, large open floor plates ranging between 22,000 and 27,000 square feet and open outdoor community spaces.
Indicative offers for this asset are due June 25. Finalists will then compete on July 22.
722 Unit Multifamily Portfolio – Reno, Nevada
The portfolio offering consists of two properties located in Reno: The Village at Iron Blossom, a 404-unit garden-style complex located at 695 East Patriot Boulevard and Vizcaya Hilltop Apartments, a 318-unit garden-style complex located 1350 Grand Summit Drive. The properties, with a combined occupancy of 96 percent, are uniquely located to capitalize on the influx of new residents driven by its proximity to the recently announced 10 million-square-foot Tesla battery "Gigafactory."
Indicative offers for this portfolio are due June 25. Finalists will then compete on July 23.
Victoria Place Apartments – Orlando, Florida
Centrally located near the University of Central Florida, The Research Park and Waterford Lakes Town Center, the 364-unit apartment community features diverse one, two and three-bedroom floor plans, ranging from 849 to 1450 square feet in size. The complex is currently 97 percent occupied.
Indicative offers for this asset are due June 25. Finalists will then compete on July 22.
Monte Verde Apartments – Phoenix, Arizona
The 435-unit low-rise, garden style complex is located at 3601 East McDowell Road in Phoenix, Arizona. Constructed in 2004, the 95 percent occupied complex includes a range of one, two and three-bedroom floor plans, with each unit featuring amenities like private balconies or patios, washer and dryers, and kitchen appliances.
Indicative offers for this asset are due June 25. Finalists will then compete on July 23.
Bidders must register at www.auction.com and provide a $100,000 deposit with proof of funds. For more information, call (800) 793-6107.
About Auction.com:
Auction.com, LLC, is the nation's leading online real estate marketplace. Founded in 2007, the company has sold over $30 billion in residential and commercial real estate assets. Auction.com has over 900 employees and headquarters in Irvine and Silicon Valley, California as well as offices in Austin and Plano, Texas, Atlanta, Denver, New York and Miami. Visit www.auction.com for more information.
SOURCE Auction.com, LLC
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