Marina Del Rey, CA (PRWEB) May 26, 2010
AuctionPoint today announced that Cushman & Wakefield Apartment Brokerage Services ABS Auction has signed on to use the AuctionPoint innovative online auction platform for a Mega Auction of seven multifamily properties in the Houston, Texas area. ABS Auction is the first commercial brokerage firm in the Houston area to use AuctionPoint, which has quickly become the solution for many brokers who are looking for alternative, yet effective, ways to sell properties and achieve full market value in a stagnant commercial real estate market.
“We wanted to team with AuctionPoint because we wanted to match the best technology with the best capital markets platform in the business,” said Ed Nwokedi, Director, Cushman & Wakefield Apartment Brokerage Services Group of Houston. “Online auctions make it possible for qualified investors anywhere in the world to take advantage of quality deals, and have proven to be the fastest way to sell commercial real estate in today’s market.”
“More and more experienced brokers across the country are working with AuctionPoint to achieve results,” said Joe Tang, co-founder and CEO of AuctionPoint. “We are pleased to work with Cushman & Wakefield Apartment Brokerage Services and their team of multifamily real estate experts and look forward to a long partnership.”
ABS Auction will host the online Mega Auction of seven multifamily apartment complexes in June. The website for more information is: http://www.absauction.com/megaauction/.
- Oak Villa Apartments, 3434 West Little York, Houston, TX. The minimum bid is $4,500,000 ($15,101 per unit) and the online auction date is June 10.
- Yale Court Apartments, 5050 Yale Street, Houston, TX. The minimum bid is $6,250,000 ($25,000 per unit) and the online auction date is June 15.
- Cedar Ridge Apartments, 2900 W. Baker Road, Baytown, TX. The minimum bid is $6,100,000 ($22,101 per unit) and the online auction date is June 16.
- Fountain Park Apartments, 12525 S. Kirkwood, Stafford, TX. The minimum bid is $6,350,000 ($36,080 per unit) and the online auction date is June 17.
- Bayou View Gardens Apartments, 3200 MacGregor Way North, Houston, TX. The minimum bid is $1,400,000 ($26,923 Per Unit) and the online auction date is June 24.
- Redstone Apartments, 5401 Werner Street, Houston, TX. The minimum bid is $1,800,000 ($26,866 Per Unit) and the online auction date is June 29.
- Oak Brook Apartments, 5353 DeSoto Street, Houston, TX. The minimum bid is $1,500,000 ($6,757 Per Unit) and the online auction date is June 30.
The AuctionPoint solution empowers brokers to customize and manage the entire auction of a featured property, from marketing to live bidding to sale, in an efficient, seamless manner. Each broker can create a Web site for an individual auction for a one-time fee of $395. AuctionPoint charges a 1.75 percent Buyer’s Premium, which is added to the final purchase price and collected at the close of escrow, the same time as brokers receive their full commissions.
About Cushman & Wakefield Apartment Brokerage Services
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. The Apartment Brokerage Services division of Cushman & Wakefield is positioned in 16 offices nationwide and staffed by over 100 brokerage professionals. This group has closed $8.1 billion in apartment sales, totaling over 107,000 units in over 400 transactions, during the past three years; and typically has +/- $5 billion in active listings. The Apartment Brokerage division is part of the worldwide Cushman & Wakefield organization, with over $20 billion in annual investment sales, and a full range of real estate services.
ABS Auction, powered by AuctionPoint, is an innovative online bidding platform that allows commercial property owners to sell their commercial real estate online, while investors privately bid on offered properties. ABS Auction provides domestic and foreign investors the ability to participate in bidding on fee-simple sales, portfolios, note sales and partnership interests — all in real time. http://www.ABSAuction.com
AuctionPoint, an innovative online auction platform, is changing the way the commercial real estate industry does business. At a time when the market is at a standstill, auctions create liquidity – motivating buyers to act and closing the gap between buyer and seller pricing expectations. Created by technology entrepreneur Joe Tang and real estate developer Keith Yang, AuctionPoint enables commercial real estate brokers to auction properties online under their name and brand, while keeping their full commission. LoopNet, the largest and most heavily trafficked commercial real estate listing service online, became a strategic investor in 2010 and now markets AuctionPoint as its exclusive online auction offering. AuctionPoint’s broker-centric platform, coupled with the national reach and database of LoopNet, form a unique set of tools that empower commercial real estate brokers to accelerate the disposition process. For more information, visit http://www.AuctionPoint.com.