18 Oceanfront Residences at The Grand at Diamond Beach, The Carlyle Group’s Resort-Style Condominium in Cape May County, to be Auctioned July 10th | Business Wire

DIAMOND BEACH, N.J.–(BUSINESS WIRE)–Global alternative asset manager The Carlyle Group, together with

Accelerated Marketing Partners (AMP), announced today that on July 10th,

18 oceanfront residences will be auctioned for The Grand at Diamond

Beach, a luxurious 12-story, resort-style condominium property in Cape

May County, New Jersey. This sale offers primary and secondary

homebuyers a rare opportunity to purchase two- and three-bedroom

residences in a full-service, amenity rich development for up to 60

percent below summer 2010 list prices. The auction will help determine

true value and re-set prices caused by a supply-demand disequilibrium in

the national housing market following the recession.

Residences available at the auction range in size from approximately

1,822 square feet to more than 2,235 square feet, and all feature

expansive water views, large private verandas and designer-selected

finishes. Minimum reserves for the homes start from just $315,000, and

all winning bidders will receive a storage facility and two parking

spaces. All homeowners have access to an array of amenities, including a

privately owned beach, fitness center and beachfront infinity pool with

spa.

The Grand at Diamond Beach auction event will be held at 1:00 p.m. on

Sun., July 10th at The Water Club at Borgata, located at One

Renaissance Way in Atlantic City. There will be no hidden reserves and

no buyer’s premiums. Advance registration is required, and financing is

available for qualified buyers. Winning bidders will be able to settle

and move in during the 2011 summer season. The on-site auction

information center and model residences are open daily through July 9th,

from 1:00 p.m. to 6:00 p.m., at 9601 Atlantic Ave. in Diamond Beach,

N.J. Additional information is available at TheGrandAuction.com.

“The Grand at Diamond Beach auction is a great opportunity for buyers to

purchase into one of the most high-end quality properties on the eastern

seaboard at price points that were previously unavailable,” said Jon

Gollinger, East Coast CEO and Co-Founder of Accelerated Marketing

Partners. “There is disequilibrium in the South Jersey market,

particularly in the luxury sector. To bring transparency to buyers and

sellers, The Carlyle Group will empower consumers to determine what they

are comfortable paying for beachfront residences.”

Scott Jenkins, Vice President of The Carlyle Group, the owner of The

Grand at Diamond Beach, added, “The Grand at Diamond Beach is a

remarkable project. From design to construction to the current sales

process, we’ve had one goal: to deliver the highest quality to our

current and future residents.”

Jenkins continued, “However, because of a correction in the national

housing market, accurate pricing for The Grand at Diamond Beach is

unclear. Auctioning a limited number of residences will allow the market

to determine true value. After the auction, we will return to our

traditional sales program better informed, and continue to manage all

aspects of The Grand with the same level of responsibility and

commitment until the final residence is sold. We thank our existing

homeowners for their patience during this process and look forward to

welcoming new homeowners to The Grand.”

The 18 residences available at auction and ready for immediate occupancy

include:

  • 2 two-bedroom-plus-den, two-bath homes that are approximately

    1,822 square feet. Both have minimum bids of $315,000, up to 58

    percent below summer 2010 list prices, which were as high as $749,000.

  • 15 two-bedroom-plus-den, 2.5-bath homes ranging in size from

    approximately 1,856 square feet to 2,075 square feet. Minimum bids

    range from $330,000 to $410,000, up to 60 percent below summer 2010

    list prices, which were as high as $894,000.

  • 1 three-bedroom-plus-den,three-bath home that is

    approximately 2,235 square feet and has a minimum bid of $980,000,

    which is 40 percent below its summer 2010 list price of $1.631

    million. The home holds a 180-degree shoreline view, as well as a rare

    oceanfront corner view in the master bedroom from which one can see

    all the way up the coastline.

The well-appointed residences are complete with imported Brazilian maple

or oak hardwood flooring, New Zealand wool carpeting, walk-in closets

and private laundry rooms with full-size washers/dryers. Most homes

feature flexible den spaces that may be converted into a guest room;

doors to these spaces are made with opaque glass to allow natural light

to be let in while still maintaining privacy.

Homeowners at the 125-unit property enjoy access to a 330-foot privately

owned beach and an infinity pool with sprawling hardwood sundeck

furnished by Janus et Cie. There is also a spa tub and separate

children’s pool. The Grand at Diamond Beach also has a community room,

complete with indoor and outdoor furniture and grilling stations, as

well as a fitness center with LifeFitness® equipment, his-and-hers

locker rooms and massage treatment rooms. An activity center for adults

and children features a large flat-panel television with surround sound,

fully automated entertainment system, Crosley CD Jukebox with iPod dock,

pool table and gaming systems. On-site concierge services and security

personnel are available to homeowners as well.

The Grand at Diamond Beach is within close proximity to a wide range of

year-round cultural and recreational attractions, including some of

South Jersey’s best shopping, restaurants and entertainment venues. The

Grand is also just 15 minutes from the highly regarded Cape May National

Club, a golf course surrounding a 50-acre private bird sanctuary. Other

nearby courses include the Avalon Golf Club and Stone Harbor Golf Club.

With the open Atlantic on one side and the protected waters of Delaware

Bay on the other, Diamond Beach can be reached from Philadelphia,

Manhattan and Washington, D.C. in less than a few hours.

For more information, please visit TheGrandAuction.com

or call 888-458-4129.

Accelerated Marketing Partners (AMP)

Accelerated Marketing Partners, a full-service residential real estate

firm with offices in Boston, San Francisco and Irvine, Calif.,

specializes in the development and implementation of both accelerated

and conventional marketing and sales programs. The company has brought

together the industry’s most seasoned professionals with decades of

experience providing strategic marketing solutions for residential real

estate developments nationwide. Accelerated Marketing Partners offers

comprehensive integrated services including detailed marketing analysis,

management of on-site sales initiatives and accelerated marketing

campaign development and implementation. www.acceleratedmp.com.

The Carlyle Group

The Carlyle Group is a global alternative asset manager with $106.7

billion of assets under management committed to 84 funds as of December

31, 2010. Carlyle invests across three segments – corporate private

equity, real assets and global market strategies – in Africa, Asia,

Australia, Europe, North America and South America focusing on aerospace

& defense, consumer & retail, energy & power, financial services,

healthcare, industrial, infrastructure, technology & business services,

telecommunications & media and transportation. The Carlyle Group employs

more than 990 people in 19 countries. www.carlyle.com.