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Joplin development goes up to auction - KOAM TV 7

Joplin development goes up to auction

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CHICAGO, IL -

 Fine  &  Company,  LLC , announces the upcoming auction of Connecticut Pointe Apartments,  Joplin, Missouri, a virtually completed 150-­unit apartment  complex. This auction  represents  a  unique  opportunity  for  a  real  estate  investor  to  purchase  a  150-­unit  complex  ready  for  final  completion  and  shortly  to  begin  renting  in  this  strong  demand  market.      

The  auction  for  the 150-­unit apartment  complex  will  take  place  on  November  12,  2015  allowing  bidders  time  to  inspect  the  property,  evaluate  completion  costs  and  prepare  leasing  plans.    

The  property  is  available  for  inspection  on: September  24th, 29th, October 5th, and 14th at 10AM. In  order  to  provide  accommodations  to  all  prospective  purchasers,  Fine  &  Co  requests appointment be  confirmed 48  hours  in  advance  of  the scheduled  inspection  dates. Call  (312)  278-­0600 ext. 101 to schedule an inspection.        

Michael A. Fine,  principal  of  Fine  &  Company,  said:  “Joplin’s  real  estate  assets  were  depleted  by  the  devastating  tornado  in  2011  wiping  out  most  of  its  apartment  stock.  The  real  estate  most  impacted  by  the  storm  were  apartment  buildings  and  houses  many  of  which  were  smaller  and  older  starter  homes  often  used  as  rentals. Multi-­family  apartment  complexes  in  this  neighborhood  were mostly destroyed. While  the  single  family  home  stock  has  returned  there  continues  to  be  a  strong  demand  for  apartment  inventory.”  

“This  is a rare opportunity to quickly complete and  begin  renting 150 apartments in Joplin’s high demand real estate market. Rarely is there an  opportunity to an apartment development  project  already  in  this  stage  of  completion  and  in  a  location  with  such  demand. It doesn’t get any  better than this.”  

Connecticut Pointe Apartments is located near the intersection of Connecticut Avenue and  20th Streets in Joplin and consists of nine apartment buildings, a clubhouse/management office,  outdoor swimming pool on six acres.      

CONSTRUCTION  STATUS: One  of  the  buildings has partially finished interiors, one of the  buildings is in  “rough-­in” condition, three of the buildings  are  “dried-­in” and the final  building  is a foundation with substantially completed  underground. The  clubhouse  has  partially  finished  interiors and swimming pool is in the final finish stage.  

Seller Financing is available to pre-­qualified bidders through Arvest Bank.      

A  representative of Arvest Bank’s  Special  Assets  Division,  said: “In  August, a decision  was  made  to  sell  Connecticut  Pointe  Apartments  through  auction. The auction focuses  the market’s attention on the property, establishes a time-­certain  date  of  sale,  and  a  transparent  transaction  where  all  interested  buyers  can  compete  to  purchase  the  property  under  identical  terms  and  conditions. We  selected  Fine  &  Company  based  on  its  vast  knowledge  of  auction  marketing  and  structuring  the  sale  of  unique  real  estate.”  

Fine noted, “The  auction  is  a  systematic  and  sophisticated  marketing  approach  to  the  sale  of  real  estate  not  found  in  conventional  brokerage  that  the  auction  focuses  attention  on  the  property  and  establishes  a  time-­certain  date  of  sale,  which  is  especially  appealing  to  real  estate  owners  who  are  intent  on  selling  now  without  protracted negotiations, due diligence  periods, and contingencies.    

With its premiere  location  in  southwest  Missouri  on  Interstate  44  and  Highway  71  Joplin  continues  to  flourish  and  the  possibilities are endless.  Joplin  is  approximately  200  miles  southwest  of  the  center  of  population  of  the  United  States  and  near  the  geographical  center  of  the  country. Joplin  is  five  miles  east  of  the  Kansas  state  line,  eight  miles  northeast of the Oklahoma  state  line  and  40  miles  north  of  the  Arkansas state line.  The city  is  a  hub  for  those  traveling  from  southwest Missouri, northeast Oklahoma, and southeast  Kansas.  

A detailed Bidder’s Information Packet  Will  be  available  for  the  property  and  includes  auction  and  property  information,  title report, survey,  environmental  report, construction  plans, construction  material inventory list,  the auction  purchase and  sale agreement,  seller financing information  and  the  Terms  of  Sale. The  purchase  of  the  packet  is required  to  bid. Packets cost $100.00. Packets  may  be  obtained  by  contacting  the  Project Manager  at  (312)  278-­0600  ext  101.  

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