IRVINE, CA-Auction.com's multifamily event that took place earlier this week is over, and the event was a record breaker. The auction sold a total of $424 million in assets comprised of 46 properties, 18 notes and about 9,300 units.
Included in the transactions was a record-breaking deal across all property sectors for Auction.com -- $55.1 million for a single asset, a 374-unit complex in Chesapeake Bay, VA. In all, deals took place in 29 states, representing most major regions of the United States.
The assets included in the auction received 230,884 views, resulting in 5,926 confidentiality agreements. This led to 1,821 bids, with an average of 22 bids per asset.
Though this is not the largest Auction.com event recorded in terms of total sales, auctions in Nevada and the Southeast both broke the $1-billion mark, the auction had more high-quality assets than others with eight assets selling for $20 million or more.
In a recent interview, Auction.com Co-CEO Ken Rivkin told GlobeSt.com that there are aggressive buyers all over the country looking for commercial real estate properties. “There are lots of wealthy people sprinkled around the country, and if it’s next to one of their properties, they’ll often be aggressive,” he says.
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