Citi Property Investors, the real estate investment center ofCiti Alternative Investments, plans to hold a real estate auctionfor West Ocean Two, part of a two-tower $196 million, 246-unitluxury condominium development facing Downtown's shoreline.

When the project was completed at the start of this year,project developer Intracorp acknowledged at the time that it hadsome sales cancellations because of the market downturn, but that68 of the 132 units in Tower 1 on Ocean Boulevard had already beenoccupied and roughly 80% were sold. Roughly half of the units inTower 2 had sold, Intracorp said in January. Intracorp executivescouldn't immediately be reached for comment, nor could executivesat Citi.

The West Ocean Two auction will be conducted by AcceleratedMarketing Partners and will take place at 4 p.m. on Aug. 24 at theHilton Long Beach, 701 West Ocean Blvd., a block west and acrossthe street from the West Ocean development. The auction informationcenter and model residences for the 39 one, two and three-bedroomresidences are open daily for viewing from 10 a.m. to 7 p.m. at 411West Seaside Way.