A 248 unit 27 story high-rise in downtown Minneapolis
Client was an opportunity fund who purchased the remaining
         72 units in the property from the original developer
While the client enjoyed success during the first year of ownership
         (34 sales), both market prices and absorption levels were
         clearly declining in the market as 2011 approached
This March 2011 auction resulted 27 sales
Auction produced $6.5 million in sales
Sold out all but a few remaining units, most of which were rented
         with staggered lease terms
Average unit price of $240,000 ($213/sf) was 88% of most recent
         prices achieved through conventional sales in a market that
         had experienced price declines of 10% within the past year
Prices achieved averaged 36% increase over minimum bids and
         were within 3% of projections
Sale provided owner with accelerated return of proceeds on
         investment, reducing carrying costs and boosting IRR
Velocity helped to reposition property through modeled unit
         relocations and additions prior to the marketing launch
Largest penthouse unit sold for $200,000 over minimum bid of
         $450,000 - a 44% increase
Auction created demand and sales for entire stack of 2 bed/2 bath
         units that client had been previously unable to sell
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