Auctions Put Hundreds of Apartments on the Market

Investor Opportunities Abound for Those Ready to Rehab

Looking for an apartment community to buy? You'll have several to choose from in four separate upcoming auctions liquidating foreclosed apartment communities in Texas and Florida.

The properties, located in 60 separate buildings on more than 28 acres of land, will be sold as individual communities in auctions set for June 26 in Jacksonville, Florida and June 30 in Houston.

With minimum bids expected to be met on these auctions, individual unit prices could be bargain-priced at $4,000 each.

"These properties are aggressively priced for the savvy investor," says Walt Driggers of Tranzon LLC, the auction agency handling the sale of each property.

"They're located in areas that should provide stable income based on the rental market in this stratum of the economy," he adds.

Three of the complexes sit in Houston, including The Thicket, a collection of 277 garden-style apartments located along Northborough Drive. Built in 1980 and renovated in the '90s, this property includes 15 two- and three-story buildings featuring one- and two-bedroom units, some with fireplaces and vaulted ceilings. The Thicket also offers two swimming pools and laundry centers on-site. With convenient access to I-45, the property is located in Houston's Greenspoint area and just minutes from Bush Intercontinental Airport. The $1.95 million minimum bid considers some buildings and units need renovation work.

The Meridian, a collection of 152 units in 11 two-story buildings, sits in an unincorporated area of Harris County and offers convenient access to the FM249 (Tomball Parkway), North Beltway, I-45 and the 610 Loop. Built in 1981, this "diamond-in-the-rough" property offers immediate financial impact with rehab work. A swimming pool and laundry facility are on-site, and five different floor plans offer lots of options to the new owner. The minimum bid on The Meridian is $900,000.

"The Meridian offers a great opportunity for the person who's ready to do some renovation work with immediate impact once they're done," Driggers says.

The third Houston-area complex up for auction is Antoine Village located at 5550 Holly View. With 148 units in 13 two-story buildings, this property sits on 5.5 acres and requires a $592,000 minimum bid, or just $4,000 per unit. Many of the units have fireplaces and cathedral ceilings. Though currently unoccupied, the complex could be considered a perfect candidate for complete rehab work thanks to its location within a revitalization zone of the City of Houston.

The fourth and final property up for auction is Nia Terrace in Jacksonville, Florida. Situated next to Hyde Park and close to the Naval Air Station, this property offers quick access to I-295 and I-10 along with Downtown Jacksonville. Nia Terrace features 237 one-, two-, and three-bedroom units in 21 separate two-story buildings. The property requires a $1.9 million minimum bid.

"Nia Terrace is perfect for the rehab buyer because it offers high occupancy rates in a larger immediate apartment community," Driggers says.

The Thicket, The Meridian, and Antoine Village go up for auction June 30 at 11am inside the Hilton Houston North located at 12400 Greenspoint Drive.

Before then, though, the Nia Terrace complex heads to the auction block June 26 at 11am on-site at 2045 Jammes Road in Jacksonville.

Auction terms require a 10 percent deposit of the final selling price with the balance due within 30 days. A cashier's check, certified check, cash or money order for $50,000 is required for anyone registering as a bidder.

The sale of these four apartment complexes is exclusively handled by Tranzon LLC, a professional marketing and real estate firm headquartered in Portland, Maine. Walt Driggers manages the company's Ocala, Florida office and will handle the auction of these four properties.

Recently, Tranzon and Driggers sold hundreds of apartment units nationwide including California, Colorado, Minnesota, and Texas, along with these four latest properties.

For more information, log on to www.tranzon.com.

SOURCE Tranzon Driggers