Ontario MF Sells in Custom Auction
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IRVINE, CA-Estancia Apartment Homes, a 152-unit multifamily property in Ontario, CA, was sold in a custom auction process by Auction.com for a price undisclosed to GlobeSt.com to an undisclosed buyer. The property had been listed by Rockwood Real Estate Advisors and auctioned on October 10; the sale closed on November 20.
Estancia was auctioned to a select group of bidders via a process specifically designed to bring clarity to the sale of single assets and commercial portfolios, according to Auction.com. 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 seller gauge buyer interest before engaging in the formal auction and provide potential buyers with a familiar and flexible bidding process.
Estancia, which is 93% occupied, is located immediately off I-10, allowing for a quick and easy ingress to neighboring Southern California counties and Downtown Los Angeles. Composed of 20 buildings situated on approximately 10 acres in San Bernardino County, the garden-style complex offers one- and two-bedroom units with attractive amenities.
The asset was among nine commercial sales that closed between November 18 and 20 after being sold on Auction.com. During that time, assets were sold in nine states and had a combined total sales value of more than $28 million. Notable among those assets were:
- Little Village Annex & Apartments, a 42-unit complex located in Buckner, MT, listed by LNR Partners;
- Arkansas Square Plaza, a 30,699-square-foot retail center located in Arlington, TX, listed by JP Partners LT United Commercial;
- West Main Street, a 13,071-square-foot office building located in East Alton, IL, listed by Johnson Properties.
As GlobeSt.com reported last week, the Bureau of Economic Analysis revised its initial estimate of the third-quarter GDP and reports that the US economy grew at a much stronger rate than previously stated, according to Chris Muoio, senior associate and economist with Auction.com. Muoio says the revised numbers bring third-quarter GDP to a real annualized 3.6%, which was well above the expected reading of 3.1% and the initial estimate of 2.8%.
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