Emerald Place Sells During $86M Auction Haul
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IRVINE, CA-Emerald Place Apartment Homes, a 240-unit multifamily complex in Bermuda Dunes, CA, was sold in the largest transaction to take place on Auction.com between November 7 and 14. During that time period, the online real estate marketplace closed 35 commercial sales with a total value of $86 million.
Emerald Place, located near Palm Springs, is a garden-style complex composed of 30 buildings situated on 17 acres. The property, listed by Rockwood Real Estate Advisors, was sold 93% occupied in a custom auction. GlobeSt.com was unable to reach Auction.com prior to deadline to determine the buyer and seller of the property or the purchase price.
Other large transactions that sold during the one-week period listed include Stirling Club, a 78,000-square-foot special-purpose property in Las Vegas, listed by Cushman & Wakefield; Philadelphia Self-Storage, a 770-unit storage property in Philadelphia, listed by Jones Lang LaSalle; and Lakes at Stone Mountain, a 280-unit multifamily property in Stone Mountain, GA, listed by Brown Realty Advisors.
Auction.com’s custom auction process was specifically designed to bring clarity to the sale of single assets and commercial portfolios. The process requires prospective buyers to signal their interest by submitting indicative offers, which provides the seller with valuable insight into how the market currently values the asset. The process was designed to help sellers gauge buyer interest before engaging in the formal auction and provide potential buyers with a familiar and flexible bidding process.
As GlobeSt.com reported last week, the residential real estate market is being harmed by the plethora of institutional investors snapping up homes at inflated prices, according to Julie Zisfein, a senior associate with Auction.com Research. The trend is “damaging affordability, putting potential buyers on the sidelines” and pushing buyers out of the market into the multifamily sector, Zisfein says.
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