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Connolly Auctions Off MF Portfolio for $27M

PLAINFIELD, NJ-The company shed five apartment buildings in New Jersey and Pennsylvania to reduce its asset base and focus on core holdings.

By Alyson Grala | Updated on April 01, 2010

PLAINFIELD, NJ-Sheldon Good & Co. recently executed the auction of five apartment buildings located in Trenton, NJ and Allentown, PA on behalf of locally based Connolly Properties, Inc.

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.

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