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AUCTION.COM COMMERCIAL CONDUCTS HISTORIC 3-DAY
MULTI-FAMILY AUCTION MARCH 6-8 RESULTING IN
$424 MILLION SALE
64 MULTI-FAMILY ASSETS ARE SOLD:
46 PROPERTIES AND 18 NOTES COMPRISING 9,300 UNITS
HIGHEST PRICE ACHIEVED FOR A SINGLE ASSET: $55.1 MILLION
Irvine, CA – March 9, 2012 – Auction.com (www.auction.com), the nation’s leading online real estate marketplace, announces the successful sale of 64 multi-family assets in an unprecedented online auction event. Exactly 64 multi-family assets were sold to online bidders including 46 properties and 18 notes comprised of 9,300 units and totaling $424 million.
The auction featured assets in 29 states including: Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Kentucky, Massachusetts, Maryland, Mississippi, Minnesota, Missouri, North Carolina, Nebraska, New Jersey, Nevada, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, Wisconsin, and West Virginia.
The assets in the auction were viewed 230,884 times, 5,926 confidentiality agreements were signed and there were 2,366 registered bidders who had submitted cash deposits in advance to participate in this online event. These registered bidders submitted 1,821 bids on the 64 assets. In addition, each asset received, on average, 22 bids. The highest-priced individual asset of the auction sold for $55.1 million with the click of a mouse.