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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.