Luxury Condos near Illinois Campus to Sell in Albert Burney Auction

. March 24, 2008

URBANA, Ill. – At least 10 upscale student condominiums in the Capstone Quarters development will sell at auction Saturday, April 19, as developer Capstone Companies seeks to scale back its sales operations for the project.

“The market response to Capstone Quarters has been excellent, and now we’re nearing the point where we can ramp down our sales operations as we continue our focus on managing the development for our owners. We felt an auction would help us accomplish that more quickly,” said Rob Howland, chief operating officer of Capstone, which develops student housing throughout the United States.

Managing the auction will be Albert Burney Auction Company, of Gadsden, Ala. Ten units will sell at absolute auction, with no minimum or reserve, and the auction could continue until all 60 remaining units are sold, said Warren Ward, president of the auction company.

“We’ll keep it going as long as the bidding remains strong, but Capstone has agreed to sell 10 units regardless of the price, so some bidders could get an excellent value,” said Ward.

The condominiums are located on Lincoln Avenue, near Interstate 74, 1.2 miles off the University of Illinois campus. The sale, set to begin at 11 a.m., will include floor plans with two, three and four bedrooms.

“These units have some features such as nine-foot and vaulted ceilings that people don’t usually think of in terms of student housing,” said Howland. “Residents also have use of all the amenities, a resort-style pool, a fitness center, a movie theater, and a business center/computer lab,” he said.

Representatives will be on site from 10 a.m. to 5 p.m. beginning Saturday, April 5, Individuals interested in additional information about the condominiums may contact Albert Burney Auction Company at 800.434.1654 or visit the company’s web site at www.albertburney.com.

Albert Burney Auction Company, headquartered in Gadsden, Ala., is a leading real estate auction firm specializing in developments, luxury homes, resorts and other high-value properties throughout the United States.

Category: Auction News

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