Newspaper Story: Our client Kennedy Wilson Auction Group  was featured in a story about  an upcoming  real estate auction in Austin, Texas.

Austin luxury condos head to auction

A chunk of units in the plagued Sabine on Fifth Austin residential complex will hit the auction block this month in an attempted recovery from foreclosure threat and lawsuit.

Beverly Hills-based auctioneer Kennedy Wilson will sell-off 27 of the available 44 units Feb. 28, taking bids as low as $85,000 and $195,000. The apartments were previously listed near $204,900 and $550,000. Condo buyers would receive a one-year Tower Health Club and Spa membership and up to $1,500 in closing costs paid by the seller.

The auction will begin at 1 p.m. at the Hilton Austin Downtown and potential buyers must register by Feb. 25. The company has set up a Web site specifically for auction information here.

CWS Capital Partners converted the 10-story former office building in 2007. Floor plans range from one-bedroom, 682-square-foot units to two-bedrooms with 1,419 square feet. The company was forced to make significant improvements after complaints from several residents resulted in a lawsuit, which was later dismissed. The company narrowly escaped foreclosure on the Sabine after lenders Compass Bank and GE Capital agreed to extend a defaulted construction loan.