Washtenaw County Treasurer, Ann Arbor, MI Puts 33 Acre Undeveloped Condominium Complex, On The Auction Block
Last Updated on Sunday, 10 October 2010 11:40 Written by a2e Sunday, 10 October 2010 11:40
A planned 427-unit condo complex in Pittsfield Township halts when builder abandons project ultimately sending Phase-II of unfinished units into foreclosure and up for bids online
Washtenaw County, Ann Arbor, MI, October 7, 2010 – Washtenaw County Treasurer Catherine McClary, today announced a tax-foreclosure auction of 33 acres in Wellesley Gardens condominiums in Pittsfield Township, representing 218 undeveloped units of the Phase-II project. The undeveloped condominium complex, located on the south side of Ann Arbor, Michigan, but with lower township taxes, will go on the online auction block October 26-28, 2010, with a starting bid of $7,350. Bid4Assets, a leading online real estate auction site will be the county’s exclusive partner in handling the auction. The condominium complex can be previewed online at www.Bid4Assets.com/WG12.
Wellesley Gardens was a planned 400+ unit condominium complex originally constructed in the early 2000’s in Pittsfield Township, Michigan when the condo market was booming. Phase-I of the project was successfully completed with about half of the condominiums currently occupied. Shortly after the completion of Phase-I, the developer left 218 undeveloped units, turnkey ready for construction. The developer began Phase-II, completing a $2 million clubhouse that stands alone, surrounded by the undeveloped plats.
This project is a dream come true for a residential developer or builder. The 33 acres is zoned for 218 units and comes complete with blueprints, building permits, utilities and communications infrastructure already in place. The land has been approved and parceled with some slabs already poured. “All approvals are in place for development of the condominiums,” according to the Township Supervisor, Mandy Grewal.
“Wellesley Gardens is a beautifully constructed residential condominium complex with a $2 million recreational center already completed. With bidding starting at $7,350, we are hoping that an interested residential builder or developer can step in to complete Phase-II and build out the remainder of the community, “said Catherine McClary, Washtenaw County Treasurer.
“This is the deal of the century, “ said Matt Baker, CEO, Bid4Assets, Inc. “There is no minimum reserve price set on this auction so the highest bidder could end up paying pennies on the dollar for a property that has been valued at well over $4 million dollars.”
The minimum bid starts at $7,350. For additional information on the online auction and to preview Wellesley Gardens, please visit please www.Bid4Assets.com/WG12. For those individuals who are unable to access the Internet, they can contact Bid4Assets toll-free at 1-877-4ASSETS to request and off-line bid form.
About Bid4Assets, Inc.
Bid4Assets, Inc. (www.bid4assets.com) is one of the first to market and most successful online real estate auction sites operating today. Since its inception in 1999, Bid4Assets has sold more than 63,000 properties worldwide. The company auctions distressed assets for financial institutions, private individuals and a growing list of federal and state government agencies. Among them the U.S. Marshals Service, the Department of the Treasury and multiple counties nationwide. Bid4Assets is a privately held company located in Silver Spring, Maryland.
Foreclosure Auction of 12 Elder Care Facilities
Last Updated on Monday, 12 April 2010 12:20 Written by a2e Monday, 12 April 2010 12:20
Tranzon Integrated Property Group (“Tranzon IPG”) and Tranzon Fox (“Tranzon Fox”) announced today that it will be conducting a UCC foreclosure auction with respect to ownership rights to 12 elder care facilities throughout Northern New Jersey in Bergen, Morris, Mercer and Somerset Counties. The portfolio will be sold as a whole and no single facility will be sold individually. Tranzon IPG will be conducting this auction through its newest office in Morristown, NJ.
“These are modern facilities and have experienced management in place making this ideal for either an investor wanting to get exposure to this space without having to manage a negative carry or an existing operator looking to expand through the acquisition of a geographically concentrated group of established facilities in affluent areas,” said Oren Klein, Vice President of Tranzon IPG.
“The foreclosure is for 100% of the membership interests in 11 limited liability companies that own and operate these 12 facilities,” said David Lowry, Vice President of Tranzon Fox. He adds, “while there is no minimum bid, we expect bidding to start around $17,000,000 for the entire portfolio.”
There are a total of 183 units among the facilities, all which specialize in Alzheimer care. All the facilities are licensed group homes and are similar in size. A Property Information Package and other detailed information is available to potential bidders. To download this information go to: www.tranzon.com and look for Property ID: FX7128 or call 973-753-1313.
Auction of Two Light Industrial Buildings on Long Island
Last Updated on Friday, 12 March 2010 12:00 Written by a2e Friday, 12 March 2010 12:00
Tranzon Integrated Property Group and Tranzon Fox (“Tranzon”) announced today that it has been engaged by Wells Fargo to market and auction off two light industrial buildings at a foreclosure auction to be held on March 25th at 1pm at the Babylon Town Hall on Long Island. The properties are located at 100 Brook Avenue in Deer Park and 725-735 Mount Avenue in West Babylon. 100 Brook Avenue consists of 10,000 SF on .61 acres and 725-735 Mount Avenue consists of 15,600 SF on 1.3 acres.
In order to facilitate bidding and for the purposes of disclosure, Tranzon has made available to all potential bidders a Property Information Package that includes pre-ordered title reports, tax and lien searches, appraisals and other information relating to the properties and the foreclosure. To download this information go to: www.tranzon.com and look for Property ID: FX1589 or call 888-243-3431.
