Capstone Quarters student condo auction results in $3.21 million sellout

URBANA, IL (Aug. 1, 2008) – Thursday’s auction of 29 units in the Capstone Quarters development was a complete sellout, with bidders snapping up all of the units for a combined $3.21 million.

“We had a great product and a strong field of bidders. That led to an excellent outcome,” said Warren Ward, president of Albert Burney Auction Company, which managed the sale.

Thursday’s sale was the second auction for the development. An auction in April had resulted in the sale of 26 units. “We did really well in April, and by waiting until summer, we allowed demand to build back up,” said Ward. “In a slow market for all types of condominiums nationwide, it can take months or years to sell as many units as we did today,” said Ward. “Between the two auctions and the individual sales in between, we’ve sold 60 units since April, and that’s nothing short of remarkable,” he said. All the buyers Thursday were investors purchasing the units for income. “Investors rent space to students, and Capstone manages the project for them. We had some people buying as many as four and five units today,” said Ward.

The condominiums are located on Lincoln Avenue, near Interstate 74, 1.2 miles off the University of Illinois campus.

The units have such luxury touches as nine-foot and vaulted ceilings. Residents have use of all the amenities, including a resort-style pool, a fitness center, a movie theater, and a business center/computer lab.

Albert Burney Auction Company, headquartered in Gadsden, Ala., is a leading real estate auction firm specializing in condominiums, developments, luxury homes, resorts and other high-value properties throughout the United States. Upcoming sales include a game ranch in West Virginia and home sites in California’s Napa Valley. Individuals interested in those and other properties may contact Albert Burney Auction Company at 800.434.1654 or visit the company’s web site at www.albertburney.com.