Beverly Hills-based Kennedy Wilson Auction Group raked in $7.3 million selling off 31 units in the troubled Sabine on Fifth residential complex.
More than 500 people attended the auction held at the Hilton Austin Downtown Feb. 28, which was scheduled after the project's owner faced foreclosure threats and lawsuit. Last month, Kennedy said 27 of the available 44 units would be sold at auction, but today it said 31 were purchased.
Individual selling prices were not disclosed, but the company previously said it would take bids as low as $85,000 and $195,000 for one to two bedroom units; a significant price reduction from its original listings ranging from $204,900 to $550,000.
CWS Capital Partners converted the 10-story former office building in 2007 with floor plans ranging from one-bedroom, 682-square-foot units to two-bedrooms with 1,419 square feet. The company was forced to make significant improvements after complaints from several residents resulted in a lawsuit, which was later dismissed.
The company narrowly escaped foreclosure on the Sabine after lenders Compass Bank and GE Capital agreed to extend a defaulted construction loan.
Still, auction officials claimed the sale a success in resurrecting the complex. One perk for auction winners included a one-year Tower Health Club and Spa membership and up to $1,500 in closing costs paid by the seller.
“It was a win-win for the seller and for buyers,” Kennedy Wilson President Rhett Winchell said. “Buyers found newly developed condos in the heart of Austin’s entertainment district at great prices, and the seller was pleased that all homes offered sold in just one day while exceeding price expectations.”
Courtesy of ABJ
No comments:
Post a Comment