SHELDON GOOD & COMPANY EXECUTES MULTIFAMILY PORTFOLIO SALE AT AUCTION
Five Apartment Buildings in NJ and PA Sell for $26.6 Million
NEW YORK, N.Y. – Sheldon Good & Company announced today the successful auction of five high-profile apartment buildings located in Trenton, NJ and Allentown, PA on behalf of Connolly Properties, Inc., a large apartment building operator in NJ and PA.
More than 150 buyers attended the one-day auction, with winning bidders spending a combined $26.7 million for the five buildings.
Connolly Properties, Inc. elected to market the portfolio via a structured real estate auction process to efficiently reduce the size of its approximately-60 property portfolio.
“From our point of view, this was a strategic event,” noted Connolly company spokesman, Ron Simoncini. “We wanted to reduce our asset base and focus on core holdings. The auction helped us achieve that goal in a timely manner.”
Sheldon Good & Company executed the auction under the auspices of the U.S. Bankruptcy Court, District of New Jersey.
Garnering the largest sale price of the day was Carteret Arms, a 270-unit, 15-story apartment building in Trenton, NJ that sold for $13,910,000.
Grand Court Villa, a 63-unit apartment building converted from a former cigar factory in Trenton, sold for $4.8 million. Washington Crossing and Julian Court, both in Allentown, sold for $5.3 million and $936,250 million, respectively. The Livingston, a 36-unit, six-story apartment building in Allentown, sold for $1.7 million.
“This is a prime example of the evolution of the auction process which today is being recognized more and more by owners, lenders, Asset Managers and other stakeholders as an effective method of selling properties across a broad range of asset classes,” notes Jeffrey Hubbard, Senior Managing Director for Sheldon Good & Company.
“In this instance, we worked closely with the owner, lender and the bankruptcy court to achieve a successful outcome for all parties involved.”
About Sheldon Good & Company
Sheldon Good & Company (www.sheldongood.com) is the nation’s premier real estate auction firm. Founded in 1965, the company has sold over 40,000 properties in all asset classes via real estate auction. Our innovation is widely acknowledged by prestigious publications such as Forbes, Fortune, The Wall Street Journal and others. Owned by Racebrook Capital, a private equity firm, Sheldon Good & Company’s headquarters are located in New York City, with primary offices in Chicago, Denver, Scottsdale and San Francisco — and strategic locations nationwide.
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