New Jersey and Company 2/19/10: Multi-family Investment, Trenton, NJ & Allentown, PA

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Portion Of Connolly Multi-Family Portfolio in NJ & PA To Be Sold at Auction
By Betsy Kraat

NEW YORK, NY--Sheldon Good & Company, a Racebrook Portfolio Company, has been retained to sell five apartment buildings in Trenton, NJ and Allentown, PA operated by Connolly Properties, Inc. during a one-day-only real estate auction on March 23rd.

The assets will be sold separately and “absolute,” regardless of price, according to Jeffrey Hubbard, Senior Managing Director for Sheldon Good & Company, America’s leading real estate auction marketing firm.

Suggested opening bids for the properties range from $500,000 to $6.5 million. The March 23rd auction will be held at the Hilton Woodbridge at 120 Wood Avenue, Iselin, NJ. Registration begins at noon; the auction commences at 1 p.m. Certified or cashier’s checks in varying amounts depending on property are required to buy.

Ron Simoncini, a Connolly Properties spokesman, said: “It would be difficult for us to seem enthusiastic about giving up any of our properties -- we believe in all of them. But the reality is, the intelligent strategy is for us to sell select assets in the portfolio, reform our capital base and satisfy our obligations to creditors."

Two of the five properties are located in Trenton. They include:

* Carteret Arms: 276 studio, one- and two-bedroom homes located at 333 West State Street. The building is being sold subject to US Bankruptcy Court approval. The fully-amenitized, 15-story elevator building features a fitness center, laundry room, 24-hour security and lobby-level grocery store and restaurant/coffee shop. Gross potential income is $2,400,000. Property tours will begin at 10:00 pm on February 24th and March 3rd, 10th & 17th;

* Grand Court Villa: A renovated 63-unit building at 507 Grand Street. The Iberian-style masonry building consists of one-and two-bedroom rental homes, some with finished or partially finished basements with direct garage access. Building amenities include spacious lobby and common areas, fitness center, laundry rooms and heated garage. Gross potential income is $809,000. Property tours will begin at 1:00 pm on February 24th and March 3rd, 10th & 17th.