New York–Sheldon Good & Co. will conduct a one-day real estate auction for six multifamily buildings, located in Plainfield, N.J., that have entered into Chapter 11 bankruptcy proceedings.
The assets are being sold as part of the Chapter 11 bankruptcy of select rental complexes owned and operated by Plainfield-based Connolly Properties.
The buildings will be sold separately and “Absolute,” which means they will go to the highest bidder, subject to U.S. Bankruptcy Court approval.
The auction will have the same efficiencies as a portfolio sale, meaning that the sales process will be much more streamlined, as the properties are being sold all at once, rather than one at a time, says Jeffrey Hubbard, senior managing director of Sheldon Good & Co.
Suggested opening bids for the properties range from $350,000 to $2.5 million. Three of the six properties are located adjacent to one another. They include Watchung Garden Crossing, a mix of 102 garden apartments; Netherwood Village, 107 garden apartments; and Green Brook Village, a collection of 58 garden-style rental homes in four brick residential buildings.
The remaining rental complexes offered in the one-day auction include Liberty Arms, 84 rental units in four-story brick buildings; Central Avenue apartments, 20 residences in three-story buildings; and Madison Avenue apartments, 39 residences in four-story brick buildings.
These auctions are attracting the usual buyers, Hubbard says. “It’s the buyers you would expect,” he says, ranging from private equity firms to real estate investment funds.
The June 24th auction will be held at the Hanover Marriott, located at 1401 Route 10 East in Whippany, N.J.