Huge Tulsa Multi-Family Project Forced to Court Ordered Auction Sale

Huge Tulsa Multi-Family Project forced to Court Ordered Auction Sale. Colonial Park Apartments scheduled to sell on-site on June 18th @ 11:00am

Tulsa, OK (PRWEB) June 11, 2009 -- On June 18th at 11:00am, the well-established Colonial Park Apartments, located off of 21st Street and near Memorial Avenue and downtown Tulsa, is scheduled to be sold at public auction pursuant to a District Court Order and under the direction of C. David Rhoades, Court-Appointed Receiver.

"These apartments have been under our management for some time now as we have worked to stabilize the property," comments Mr. Rhoades. "Now the property is ready for a new owner, who will be able to make the necessary capital improvements, and realize an excellent return on their investment by purchasing this 208 unit apartment complex."

Originally built in 1968, the garden style Colonial Park Apartments is conveniently located near downtown Tulsa and is within walking distance to retail shopping centers and public schools.

The Receiver engaged National Commercial Auctioneers, LLC, a Tulsa-based real estate auction firm, and BCL Auction: Bill Cockrum Liquidations, LLC, a Chesterfield, MO auction firm, to work together to widely market the property. "With such a large multi-family property like this, it has drawn interest from buyers from here in Oklahoma as well as buyers from both coasts. There is so much upside potential for the right buyer that it does not surprise me this property would draw such good interest," reflects Stephen Karbelk, CAI, AARE, President of National Commercial Auctioneers, LLC.

While a number of commercial real estate sectors have been experiencing some setbacks, demand for multi-family properties still seems to be strong. "People tend to rent instead of buying when the economy is having problems," comments Bill Cockrum of BCL Auction: Bill Cockrum Liquidations, LLC. "The next owner of this property should continue to see strong demand for the units from prospective tenants."

The auction will be held at Colonial Park Apartments, 7625 East 21st Street, Tulsa, OK on Thursday, June 18th @ 11:00am. The property is available for preview and inspection next Thursday, June 18th from 10:00am to 1:00pm. To obtain a detailed Property Information Package and learn more about the auction, please call National Commercial Auctioneers at 918-895-7077 or visit www.natcomauctions.com.

MEDIA CONTACT: Stephen Karbelk, 918-895-7078

# # #