IRVINE, CA-Auction.com is seeing great success in auctioning multifamily properties from its site. The online real estate marketplace sold 12 multifamily properties totaling 1,716 units during a three-day auction in April and has sold 5,700 units for more than $125 million so far in 2013.

The properties from the three-day event ranged in size from two to 496 units and are located in California, North Carolina, South Carolina, Georgia, Tennessee and Kentucky. They sold for a total purchase price of just under $43 million.

According to Eric Paulsen, president of Auction.com's commercial division, “This auction sold 75% of the properties put up for bid and netted the sellers 115% of their reserve price. These results certainly underscore our success in multifamily, especially those properties that exhibit all the signs of long-term profitability for the buyer.”

Paulsen pointed out in a prepared statement that half of the properties sold were more than 90% leased. The auction was held April 18 for four sellers that comprised special servicers, family trust and trust fiduciaries.

“The industry is approaching auctions with a more open mind, particularly when it comes to selling mostly leased family properties,” Paulsen said. “As a result, we're seeing more high-quality assets at our auctions, which are selling for amounts surpassing sellers' expectations.”

GlobeSt.com was unable to reach Paulsen prior to deadline to discuss other property sectors for which the auction process has been especially successful.

Auction.com continues to grow throughout California. As GlobeSt.com reported last week, the firm recently opened an office in Silicon Valley, with co-president Jake Seid heading up operations.