Auction.com, a leader in real estate auctions, and Archetype Advisors, a loan sale advisor, will auction $1 billion of Nevada
commercial real estate properties and notes, making it the largest commercial real estate and note auction in U.S. history.
The auction will be held May 17-19 in a simultaneous online and live event in Las Vegas, NV. The offering features retail, multifamily, land and industrial assets throughout Nevada. The assets are primarily in Las Vegas with additional properties and notes in Henderson, Carson City, Sparks and Reno.
"In our opinion, the unprecedented volume of distressed real estate we are seeing here represents the bottom of the market for Nevada and in particular, Las Vegas," said Jeff Frieden, Auction.com's CEO. "The quality and condition of these assets will compel even the most sophisticated of investors to take notice. In any financial cycle, there is a best time to be active. For investors interested in Nevada, we believe that time is now."
The offering includes 55 assets, all of which will be sold individually, including:
A $56 million non-performing note secured by 333,234-square-foot Sahara Pavilion North retail center on 29 acres of land in Las Vegas;
A $50 million non-performing note secured by The Fountains at Flamingo, a gated apartment complex off the Las Vegas Strip featuring 524 units on 28 acres;
A $38 million non-performing note secured by a multifamily complex in Henderson, the Montego Bay Apartments, which features 420 units on 23 acres; and
Nine additional notes of $20 million or more.
The auction features Auction.com's online due diligence data vault, as well as a live information center in Las Vegas, where bidders can come and look at hard copies of due diligence materials, ask questions to auction representatives, as well as attend "broker & buyer information" sessions to learn more about the auction process. Detailed due diligence documents, photos, maps and more are also available at Auction.com.
"The online auction platform provides a winning mix of what investors today want: discretion and relative anonymity coupled with a buying process that works. Auction.com provides a platform where sellers and buyers can meet and transact allowing buyers an opportunity to purchase commercial properties or notes at very attractive discounts," Frieden said.
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