FARMINGTON HILLS, MICHIGAN (May 3, 2012) – Friedman Integrated Real Estate Solutions, a national leader in commercial real estate services, is pleased to announce the successful completion of an unprecedented three-day online multifamily real estate auction. The online sale included 13 multifamily assets comprised of over 3,000 units in four states with an aggregate dollar volume in excess of $160 million. Investor interest was significant, with well over 1,000 executed confidentiality agreements while the portfolio was at market.
The 13 property auction, which Friedman marketed in conjunction with Auction.com, featured assets in 4 states: Alabama, Arizona, Ohio and Tennessee. The portfolio was part of a larger pool that represented the single largest multifamily auction in history. “We are extremely pleased with the results, in addition to the exposure the Auction.com platform provided our assets,” said Barry Swatsenbarg, National Director of Investment & Loan Sale Advisory Services for Friedman. “It’s enhanced our ability to broadly market our properties, enabling us to further elevate our platform and facilitate rapid, seamless closings.” The 13 property auction received thousands of inquiries from investors nationwide during the 3 month marketing period. “The true success of this auction lies in the increased investor interest we received across the nation,” said Danielle Pressel, Marketing Director for Friedman. “Our extensive national marketing campaign in conjunction with the online auction platform increased visibility for the portfolio, allowing us to achieve very favorable results.”
“Our company has always been on the cutting edge of technology in commercial real estate and the addition of the Auction.com platform has strengthened our capability to provide our clients with an unparalleled level of service. We look forward to using Auction.com for our future auctions as we continue to shift the paradigm of how one can sell commercial real estate,” said President & CEO, David Friedman.
The thirteen properties that were sold in the auction include:
• Inverness Apartments, a 208-unit property located in Tuscaloosa, Alabama.
• Apartments at Steele Park, a 399-unit property located in Phoenix, Arizona.
• Canyon Walk Apartments, a 166-unit property located in Phoenix, Arizona.
• The Villas, a 137-unit property located in Tempe, Arizona
• Waterstone Apartments, a 269-unit property located in Mesa, Arizona.
• Leafy Dell Apartments, a 94-unit property located in Johnstown, Ohio.
• Park Hill Apartments, a 110-unit property located in Mt. Vernon, Ohio.
• Liberty Park Apartments, an 80-unit property located in London, Ohio.
• Colonnade at Germantown, a 252-unit property located in Germantown, Tennessee.
• Villas at Cordova, a 256-unit property located in Cordova, Tennessee.
• Waterford Place, a 320-unit property located in Memphis, Tennessee.
• Audubon Park Apartments, a 256-unit property located Nashville, Tennessee.
• University Ridge Apartments, a 512-bed property located Nashville, Tennessee.
ABOUT FRIEDMAN INTEGRATED REAL ESTATE SOLUTIONS
Friedman Integrated Real Estate Solutions is one of the Midwest’s largest commercial real estate organizations. Friedman offers a full range of services that include: commercial brokerage, property and asset management,investment and loan sale advisory, turnaround management and receivership, space planning and design,construction and project management, graphic design and marketing in addition to a vast array of advisory services. We provide our clients with a single point of contact for the entire range of services we offer.
Friedman represents banks, special servicers, institutions, property owners, national and regional retailers, and commercial tenants in every size range. Friedman manages over 140 facilities encompassing more than 16M SF of commercial and multi-family properties throughout the country.
As owners and managers of commercial property for more than 25 years, Friedman understands what it takes to achieve results that maximize the client’s objectives.