More than 150 buyers attended the one-day auction, with winning bidders spending a combined $26.7 million for the five buildings. Connolly elected to market the portfolio via a structured real estate auction process to efficiently reduce the size of its near-60 property portfolio. "From our point of view, this was a strategic event," Connolly company spokesman Ron Simoncini tells GlobeSt.com. "We wanted to reduce our asset base and focus on core holdings. The auction helped us achieve that in a timely manner."Sheldon Good executed the auction under the guidance of the US 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 that sold for $13.91 million. Grand Court Villa, a 63-unit apartment building converted from a former cigar factory in Trenton, traded hands for $4.8 million. Washington Crossing and Julian Court, both in Allentown, sold for $5.3 million and $936,250, respectively. And the Livingston, a 36-unit, six-story apartment building in Allentown, went 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," says Jeffrey Hubbard, senior managing director for Sheldon Good & Co. "In this instance, we worked closely with the owner, lender and the bankruptcy court to achieve a successful outcome for all parties involved."