IRVINE, Calif. – December 16, 2013 – Auction.com, LLC, announces the completed sale of Estancia Apartment Homes, located in Ontario, Calif., using its custom auction process. The 152-unit multi-family property was listed by Rockwood Real Estate Advisors and was auctioned to a select group of bidders on October 10, 2013.
Comprised of 20 buildings situated on approximately 10 acres in San Bernardino County, the garden apartment complex offers one and two-bedroom units with attractive amenities and is 93 percent leased.
Auction.com’s custom auction process was specifically designed to bring clarity to the sale of single assets and commercial portfolios. The process requires prospective buyers to signal their interest by submitting indicative offers, which provide the seller with valuable insight into how the market currently values the asset. The process was designed to help sellers gauge buyer interest before engaging in the formal auction and provides potential buyers with a familiar and flexible bidding process.
The asset was among nine commercial sales that closed between November 18 and 20, 2013, after being sold on the nation’s leading online real estate marketplace. Assets spanned nine states and had a combined total sales value of more than $28 million.
Select closings include:
- Estancia Apartment Homes, a 152-unit complex located in Ontario, Calif., was listed by Rockwood Real Estate Advisors and auctioned on October 10, 2013. The sale closed on November 20, 2013.
- Little Village Annex & Apartments, a 42-unit complex located in Buckner, Mont., was listed by LNR Partners and auctioned on June 19, 2013. The sale closed on November 20, 2013.
- Arkansas Square Plaza, a 30,699-square-foot retail center located in Arlington, Texas, was listed by JP Partners LT United Commercial and auctioned on August 8, 2013. The sale closed on November 19.
- West Main Street, a 13,071-square-foot office building located in East Alton, Ill., was listed by Johnson Properties and auctioned on September 25. The sale closed on November 18, 2013.
To learn more about buying and selling commercial assets on Auction.com, please contact Joseph Cuomo, senior vice president and director of business development at firstname.lastname@example.org or 305.503.2637.