St. Charles, IL Apartment Complex Hits the Auction Block on August 28th
CHICAGO--(BUSINESS WIRE)--Partnership Dissolution provides auction opportunity for investors seeking to acquire Apartment properties. In all, three buildings and 24 units will be sold at auction on Thursday August 28th; offering the buyer a gross revenue in excess of $260,000.
“The auction bidding process makes evaluation easy, through competitive bidding, against revenue.”
Located nearby downtown St. Charles, the property is approximately 30+ years old, and offers a combination of 1 and 2 bedroom units. According to Anthony Mestan, a partner, “The tenants have lived here from a period of 2 years to over 15 years. We acquired the property about 7 years ago, with potential to convert to condominiums, however, never we chose not to proceed with the development,” he added.
“Auctions continue to gain popularity for sellers who are serious about the timing of sale,” said Dino Diliberto, Acquisition Analyst for the company. "When selling income properties of any kind, the question of value is sometimes hard to answer, as all buyers have a different way of evaluating the property,” he added. “The auction bidding process makes evaluation easy, through competitive bidding, against revenue.”
Bidding seminars will be offered to interested bidders and property inspections are handled by appointment. Bidders will be required to show a cashier’s check in order to bid. The auction company recommends complete review of the bid packages before bidding.
The bidding process is set to include both live and online bidding, allowing bidders several options to place bids for the complex.
Diliberto Real Estate Services, LLC is a leader in Real Estate Advisory and Auction Services... with transactions across America... and selected markets globally. SERVICES range from stand-alone real estate and finance advisory assignments, to real estate auction execution including debt reduction solutions. AUCTION SERVICES make the difference when both time and price matter. Time definite sales processes provide sales in weeks, at market prices, allowing sellers to reduce cost and efficiently resolve debt challenges.