After April’s successful auction of 26 luxury student condominiums in the Capstone Quarters development, the company will hold a second auction Thursday, July 31, to sell up to 30 remaining units.
The auction will be held at 6 p.m. at the development, with Albert Burney Auction Company, Gadsden, Ala., managing the sale.
“Our plan is to sell 30 units, but we know we’ll sell at least 10, because we’ll be selling that many at absolute auction, with no minimum bid or reserve. Frankly, I believe there is enough demand to get them all sold at fair prices,” said Rob Howland, chief operating officer for Capstone, which develops student housing throughout the United States.
Six of the condominiums are three-bedroom floor plans, and 24 have four bedrooms each, said Howland.
Most of the 30 units are expected to sell to investors purchasing them for the rental income, said Warren Ward, president of Albert Burney.
“While some of the Capstone Quarters units have sold to individuals for their own use, many are being used as investments, with Capstone providing management services for the owners. The majority of these units already have tenants and are producing current income, so this provides an excellent opportunity for investors,” 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.
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.
Contacts:
Carl Carter, 205-823-3273
