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Court orders auction of 46 RAD Diversified REIT properties
Online bidding runs from Tuesday with closing dates between Oct. 13 and Oct. 15 for the 46 properties being sold individually.
Tranzon Alderfer is conducting a court ordered auction of 46 properties owned by RAD Diversified REIT, following the REITs Chapter 11 bankruptcy filing and fraud accusations by federal regulators, according to Bisnow.
The properties include single family houses, rowhouses, and multifamily units located in Philadelphia and neighboring Chester and Delaware counties.
The auction will run online, with bidding starting Tuesday and closing between Oct. 13 and Oct. 15. The sales were ordered by the U.S. Bankruptcy Court for the Middle District of Florida, which covers RAD Diversified REITs Tampa headquarters.
RAD Diversified REIT filed for Chapter 11 bankruptcy in March as it faced mounting legal trouble, and Bisnow notes the company previously owned more than 300 rental properties across Florida, Texas, and Pennsylvania.