Bankruptcy Auction Underway for High Profile River City Renaissance Properties in Richmond – Selling
Richmond, Virginia (November 10, 2014)—The bankruptcy auction for the River City Renaissance, LC (“RCR”) and River City Renaissance III, LC (“RCR III”) portfolio of properties located in the downtown Richmond, Virginia area is now underway. Led by SVN Auction Services’ National Director, Louis B. Fisher III and David E. Gilmore, CCIM and Mark Motley and Tim Dudley with SVN/Motley’s, the offering consists of 29 residential apartment buildings spanning two zip codes but primarily in the Fan and Museum districts each near the Virginia Commonwealth University campus. Initial written bids for these commercial real estate assets are due by December 10.
“These are excellent, very visible, high profile properties in the Richmond market,” said Fisher.
In total, the properties are comprised of 441 apartment dwelling units and currently feature an overall occupancy of 74 percent. Located in the Fan and Museum Districts, one of Richmond’s most well-known residential areas, the properties are situated among one of the largest intact 19th and early 20th century neighborhoods in the county.
“The quality of the assets, their potential upside and their locations in historic areas and the Museum District should make this an exciting and active auction event” said Motley.
Qualified bidders can bid on a single building, a group of buildings or the entire asset portfolio. Property tours will begin being scheduled during the week of November 10 by special appointment. The top two-thirds of offers in each bid category —single, group and entire portfolio—will be selected for the live auction, which is scheduled for December 18. For more information, visit www.RiverCityRenaissanceAuction.com.
Fisher, a nationally-recognized auction services and commercial real estate professional and SVN/Motley’s a dominant Mid-Atlantic auction firm, earned the River City Renaissance assignment from the United States Bankruptcy Court Eastern District of Virginia (Richmond Division). In this effort, Fisher and Gilmore are working closely with Motley and his Richmond-based team along with SVN’s multi-family specialists.
Fisher, Gilmore, Motley and Tim Dudley, Vice President of SVN/Motley’s are part of the founding members of SVN Auction Services.
About Sperry Van Ness Auction Services
SVN Auction Services is a provider of date-specific sales and special asset solutions. It encompasses an elite group of local and regional auction advisors throughout the United States who specialize in areas such as foreclosures, tax sales, multi-properties, receiverships and bankruptcies. The SVN Auction Services Team offers the industry’s most comprehensive spectrum of auction solutions—from rapid asset resolution and 30-day countdown asset sales to wide area and high impact/high promotion events. As part of one of the most recognized and reputable commercial real estate firms in the industry, the SVN Auction Services Team is supported by SVN International’s more than 800 commercial real estate advisors throughout the nation. This relationship provides outstanding opportunities for the SVN Auction Services Team to serve clients needing to move assets in accelerated timeframes and creates significant value for buyers and sellers. For more information, visit SVN Auction Services.
Louis B. Fisher III, CAI | National Director
SVN Auction Services, LLC