Auction Sale Included a Six Property Portfolio Totaling 133 Units
CHICAGO — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, in conjunction with online commercial real estate auction platform RI Marketplace, recently sold Grand Crossing Portfolio, a six-property multifamily portfolio in Chicago, IL. Associate Jimmy Donahue, Senior Associate Jonah Yulish, Vice President Finley Askin, and Vice President of Auction Services Robert Anderson facilitated the transaction.
“Through Matthews™ and RI Marketplace’s auction platform, the portfolio was able to reach the reserve price, as well as attract a broad investor audience, resulting in an increase in qualified bidders,” Askin said.
The Matthews™ database accounted for 83% of the registered bidders, including the winning bidder. The buyer plans to stabilize the portfolio by renovating units and improving mechanical systems as needed. The portfolio was approximately 50% vacant, providing the buyer with significant upside potential once stabilized. The sellers benefited from Matthews’ database, market knowledge, and relationships within the industry.
“Given the size of the portfolio and relevance of the transaction from a distressed standpoint, the acquisition provides strong value to the buyers existing commercial real estate investments,” Askin said.
“Going to auction can be the best path forward for properties that may be difficult to market due to low fundamentals, or they may require a wider buyer pool,” Anderson said. “Our clients and agents are seeing great success utilizing our auction service line, especially in the current debt environment.”
For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 20+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
About RI Marketplace
Marketplace is the online commercial real estate auction platform with the highest sell-through rate in the industry. Marketplace was launched in 2017 by a talented team of commercial real estate professionals whose goal was to create a better way for investors, brokers, and property owners to connect and efficiently list, market, and close deals online.
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