Citi Property Investors, the real estate investment center of Citi Alternative Investments, plans to hold a real estate auction for West Ocean Two, part of a two-tower $196 million, 246-unit luxury condominium development facing Downtown's shoreline.
When the project was completed at the start of this year, project developer Intracorp acknowledged at the time that it had some sales cancellations because of the market downturn, but that 68 of the 132 units in Tower 1 on Ocean Boulevard had already been occupied and roughly 80% were sold. Roughly half of the units in Tower 2 had sold, Intracorp said in January. Intracorp executives couldn't immediately be reached for comment, nor could executives at Citi.
The West Ocean Two auction will be conducted by Accelerated Marketing Partners and will take place at 4 p.m. on Aug. 24 at the Hilton Long Beach, 701 West Ocean Blvd., a block west and across the street from the West Ocean development. The auction information center and model residences for the 39 one, two and three-bedroom residences are open daily for viewing from 10 a.m. to 7 p.m. at 411 West Seaside Way.
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