24 September 2012 ~ Comments Off on Patrick’s Place East Complex to be Sold as part of National Online Auction Event

Patrick’s Place East Complex to be Sold as part of National Online Auction Event


Press contacts:
Francis J. Braud, Jr
Sperry Van Ness | Gilmore Auction & Realty Co.
504-468-6800 office
504-228-3345 cell

Going, Going … Gone!
Patrick’s Place East Complex to be Sold as part of National Online Auction Event
Brokers Embrace Innovative Solution to Sell Property in Today’s Challenging Market
New Orleans, LA, 24, September, 2012-Kenner based Sperry Van Ness/Gilmore Auction & Realty Co. today announced that Patrick’s Place East, a 48 unit apartment complex located at 6780 Bundy Road, New Orleans will be sold via online auction on October 23, 2012. This auction is part of a larger auction event hosted by the Sperry Van Ness brokerage firm (www.SVNauctionevent.com), through which over $150 million worth of commercial real estate will be auctioned.
SVN/Gilmore Auction is capitalizing on this innovative means of selling properties and predicts that we will see more properties being sold via online auction in the future. “Our online auction transaction volume has steadily increased over the last 18 months”, said Managing Partner/Auctioneer, David E. Gilmore, “the auction creates a platform for buyers and sellers to ‘agree’ on what the price should be in today’s market. The seller sets a low starting bid, and buyers compete against each other to set the new market-price for the asset.”
Patrick’s Place East is a 48 unit apartment complex that boasts consistent 90-95% occupancy and a 22% cap rate on the $1,300,000 starting bid. The complex has 32-3 bedroom/2 bath units, 14-2 bedroom/1 bath units plus a laundry and Manager’s unit.
Regarding the auction event, Kevin Maggiacomo, CEO of Sperry Van Ness International said, “This National Online Real Estate and Loan Auction Event is creating a tremendous opportunity for investors, real estate brokers and other industry professionals to participate and purchase high quality institutional grade assets located from coast to coast. Over 100 assets and portfolios exceeding $150 million in value will be auctioned during our three day event in October. Opening bids from $1.00 to $26,000,000 will allow investors of all sizes to purchase all commercial property types at very attractive prices. This event is unique to Sperry Van Ness and brokers across the country have seized the opportunity to offer both their listing clients and investors an exciting way to buy and sell commercial properties.”

3316 Florida Ave. Suite 201 • Kenner, Louisiana 70065 USA
Phone (504) 468-6800 •Fax (504) 468-6811

Broker: David E. Gilmore
Licensed By The Louisiana Real Estate Commission
Licensed in Louisiana, Mississippi, Arkansas and Oklahoma
A Division of Gilmore-Braud Companies

Auctioneer: David E. Gilmore
Licensed in: Alabama #1832 • Arkansas #1979 • Louisiana #0447
Mississippi #378/641F • Texas #11136

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