SVN Auction Services Coordinates Sale of Well-Known Downtown Baltimore Apartment Complex
SVN Auction Services team expedites close of Chapter 11 bankruptcy property within eight days
Baltimore, Maryland (April 04, 2014)—SVN Auction Services, a provider of date-specific sales and special asset solutions, coordinated the successful auction and sale of a well-known downtown Baltimore apartment complex. Located at 307-311 Dolphin Street, the four-story building—known as the Hampton Court Apartments—is attractively located only 2 miles from the Baltimore Inner Harbor.
SVN Auction Servicesserved as the agency of record on this Chapter 11 bankruptcy auction for the District of Maryland and successfully expedited the close of the property within eight days of the auction and bankruptcy court approval.
“The successful sale of this property can be attributed to SVN Auction Services’ thorough understanding of the protocols involved with bankruptcy auctions, experience in handling multi-family assets, and knowledge of the local market,” said Louis B. Fisher III, SVN Auction Services’ lead auction advisor on the bankruptcy sale.
In addition to Fisher and other regional team players, local SVN commercial real estate advisors Tony Casalena, CCIM, and Justin Verner were instrumental in the successful coordination of this property event. The auction attracted serious interest from major equity funds and property owners in 14 states with numerous prospective purchasers entering the buyer momentum process and inspecting the property.There were 129 entities that accessed the data room/document vault for the due diligence on the asset. In addition, 34 groups attended the guided property tours directed by Casalena and Verner
SVN Auction Services encompasses an elite group of local and regional auction advisors throughout the Mid-Atlantic region and beyond. Currently undergoing a national expansion effort, SVN Auction Services consists of industry experts in areas such as foreclosures, tax sales, multi-par and bankruptcies. It offers the industry’s most comprehensive spectrum of auction solutions—from rapid asset resolution and 30-day countdown asset sales to wide area and high impact/high promotion events.
Baltimore’s commercial real estate market—specifically multi-family assets— continues to remain strong, according to Casalena. Downtown Baltimore is expecting hundreds of apartments to open in the next few years based on market demand and high occupancy rates. There are a number of underused office buildings with plans to convert to apartments and investor appetite for multi-family development continues to grow. SVN Auction Services has been very active in the local market and throughout the state. On a national level, it has been involved in bankruptcy sales in nine states during the last 12 months.
About Sperry Van Ness Auction Services
SVN Auction Services is a provider of date-specific sales and special asset solutions. It encompasses an elite group of local and regional auction advisors throughout the United States who specialize in areas such as foreclosures, tax sales, multi-par and bankruptcies. SVN Auction Services offers the industry’s most comprehensive spectrum of auction solutions—from rapid asset resolution and 30-day countdown asset sales to wide area and high impact/high promotion events. As part of one of the most recognized and reputable commercial real estate firms in the industry, SVN Auction Services is supported by SVN International’s more than 800 commercial real estate advisors throughout the nation. This relationship provides outstanding opportunities for SVN Auction Services to serve clients needing to move assets in accelerated timeframes and creates significant value for buyers and sellers. For more information, visit SVN Auction Services.
Zeszutko Corp.-PR on behalf of SVN Florida
Jerry Anderson, CCIM
Executive Managing Director, SVN Auction Services