Kennedy Wilson Sells over $7.3M in Downtown Austin Auction
International real estate investment and services firm Kennedy Wilson (NYSE Amex: KWIC) announced today that it offered and sold 31 units of Sabine on Fifth, a condominium project located in downtown Austin, through an auction it conducted on Sunday, February 28th at the Hilton Austin Downtown.
Over 500 people attended the auction, which spurred a competitive bidding war for the one and two bedroom units of the 10-story former office building that was converted to residential in 2007.
Rhett Winchell, president of Kennedy Wilson Auction Group, stated, “It was a win-win for the seller and for buyers. Buyers found newly developed condos in the heart of Austin’s entertainment district at great prices, and the seller was pleased that all homes offered sold in just one day while exceeding price expectations. Developers and banks are increasingly using Kennedy Wilson’s auction platform to respond to the market and are achieving success.”
The auction was the culmination of a 30-day marketing campaign that included property previews, a buyer seminar and lender prequalification.
About Kennedy Wilson Auction Group
Since its inception, the Kennedy Wilson Auction Group has conducted many successful auctions of condominiums and single-family homes throughout the U.S., Europe and Asia. It manages ballroom style, site-to-site and online auctions for all types of real estate. Please visit www.bidkw.com for more information about upcoming auctions.
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