Our team was hired to sell 101 Boardwalk, a 359-unit apartment building in Atlantic City just steps from the newly developed Revel resort and casino.
We were hired as part of a workout with a private owner and operator, and a large regional NY bank. The purpose for the auction was to draw a broad focus on the property, through an aggressive sale program.
Our team conducted a structured and aggressive seven-week marketing and public relations campaign in order to draw international focus on the property. The property was offered via an open-outcry auction format. The date, certain of a sale, allowed for competitive bidding and the lender to credit bid their position.
The auction drew in hundreds of inquiries, and eight parties registered to bid at the auction. The highest bidder purchased the property for $16 million.