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Bank-Owned Clearwater Multifamily Sees Bidding Wars

TAMPA, FL-The lender told Colliers to list the apartment community without a sales price so it could be sold to the highest bidder.

By Jennifer LeClaire | Updated on December 06, 2011

CLEARWATER, FL-Coral Cove Apartments fetched $9.5 million during its 35 days on the market. The 156,400-square-foot asset attracted 17 offers in the midst of an Internet and e-mail marketing campaign targeting private capital firms that focus on acquiring and repositioning properties.

“Even with the marketing efforts reaching a large number of prospects, it really helps to know the active buyers in the market,” Colliers International Tampa Bay’s John Stone said in a statement. “A targeted marketing approach outweighs traditional real estate listings.”

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