Fountains At Flamingo

LAS VEGAS-Auction.com of Irvine, CA has scheduled an auction of $1 billion of Nevada commercial real estate and notes May 17-19 that ranks as the largest such auction in US history. Other auctions have been comparable in size, such as FDIC note pool sales, but Auction.com says its event is the largest in US history for an auction that is a mix of notes and property, all on one state, auctioned individually, not as a pool.

The auction will be held in a simultaneous online and live event in Las Vegas. It will feature retail, multifamily, land and industrial assets located throughout Nevada. The assets are primarily in Las Vegas, with additional properties and notes on properties in Henderson, Carson City, Sparks and Reno.

Jeff Frieden, Auction.com's CEO, said in an announcement regarding the auction: "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.," Frieden described the assets as high-quality and in good condition.

The offering includes 55 assets, all of which will be sold individually, including a $56-million non-performing note secured by the 333,234-square-foot Sahara Pavilion North retail center on 29 acres 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 larger.

The auction will feature Auction.com's online due diligence data vault, as well as a live information center in Las Vegas, where bidders can look at hard copies of due diligence materials in person and ask questions of auction representatives. Auction. com is also providing "Broker & Buyer Information" information sessions.