""Auction.com"":http://www.auction.com and loan sale advisor ""Archetype Advisors"":http://www.archetype-advisors.com will auction $1 billion of Nevada commercial REO properties and non-performing notes May 17-19 in Las Vegas.[IMAGE]
It is the largest commercial real estate (CRE) and note auction of its kind in U.S. history, according to a statement from Auction.com.
""In our opinion, the unprecedented volume of distressed real estate we are seeing here represents the bottom of the market for Nevada and, in particular, Las Vegas,"" said Jeff Frieden, Auction.com's CEO.[COLUMN_BREAK]
Frieden added, ""The quality and condition of these assets will compel even the most sophisticated of investors to take notice. In any financial cycle, there is a best time to be active. For investors interested in Nevada, we believe that time is now.""
A simultaneous online and live auction is planned for the event with retail, multifamily, land, and industrial assets throughout Nevada.
The assets are primarily in Las Vegas with additional properties and notes in Henderson, Carson City, Sparks, and Reno. All 55 assets, which include a 333,234-square-foot retail center and a gated apartment complex off the Las Vegas Strip, will be sold individually.
Bidders can visit the live auction information center at 4615 West Flamingo Road in Las Vegas to view hard copies of due diligence materials, ask questions, and attend information sessions. Photos, maps, and other documents are also available on ""Auction.com"":http://www.auction.com/vegas.php.
""The online auction platform provides a winning mix of what investors today want - discretion and relative anonymity coupled with a buying process that works,"" Frieden said. ""Auction.com provides a platform where sellers and buyers can meet and transact, allowing buyers an opportunity to purchase commercial properties or notes at very attractive discounts.""