Reno Developer Closeout Sale: Residences at Riverwalk Towers and Commercial Property to Sell at J. P. King Auction

RENO, NV--(Marketwire - May 15, 2009) - The Residences at Riverwalk Towers, luxury condominiums in the heart of Downtown Reno, Nevada, is set for a developer close-out real estate auction on Sunday, May 31st, 1 p.m. in the Carson Ballroom at the Grand Sierra Resort. The real estate auction will include 16 condominiums with 5 selling absolute to the highest bidders. The sale will include commercial development property. The sale will be managed by J. P. King Auction Company, the nation's leading real estate auction marketing firm specializing in high-value properties.

"Downtown Reno is an area where individuals and investors are seeking to purchase real estate," said Craig King, president & CEO of J.P. King. "Culture is thriving in this area and The Residence at Riverwalk Towers is the ultimate address to experience the metropolitan lifestyle with the luxurious comforts of home."

The Residences at Riverwalk Towers' sale offers 14 town-home layouts including a one story penthouse and penthouse loft. Residents can enjoy everything that the Riverwalk District has to offer and a host of on-site amenities that include an outdoor pool, sundeck, jetted spa, health club with fitness equipment, business center, and a clubhouse for lounging, meeting or parties. The Residence is accessible by secured entry only and provides on-site storage, assigned parking with both residential and service elevators.

"We have something for locals and visitors to do year round," said Chaim Freeman, Partner with Riverwalk Towers. "In addition to all the city has to offer, Reno is in close proximity to Lake Tahoe, Las Vegas and other cities of interest."

The sale will include commercial development opportunity on the first two floors of The Residences at Riverwalk Towers with 35,000+/- sq. feet of commercial space selling at real estate auction. The commercial area has 16,000+/- sq. feet on the second floor of the space and 19,000+/- sq. feet on the bottom. The commercial property was once an operational casino and offers limitless potential for any large, commercial development endeavor.

In addition, three commercial parcels, located directly across the street from The Residences at the corner of West 2nd street and West Street are comprised of 0.3+/- acres and selling as an entity. One of the parcels contains an improved building once designated as a nightclub. The commercial land is convenient to everything in the Riverwalk District and offers high traffic volume and great development potential.

Downtown Reno has been revamped into a sophisticated urban environment full of exciting new venues for entertainment, shopping, fine dining and more. The makeover of downtown offers a unique and intimate setting full of options for every age group. From hip lounges and bars to coffee houses to corner delis, the atmosphere of downtown is truly an urban renaissance with a neighborhood charm.

Individuals interested in more information about the upcoming sale may contact J.P. King at (800) 558-5464 or visit the company's web site at www.jpking.com.

J. P. King, based in Gadsden, AL, is the nation's leading real estate auction marketing firm specializing in high-value properties such as condominiums, developments, commercial properties, superluxury homes, ranches and land. J. P. King has marketed upscale properties in 49 states and 6 countries with recent sales in Wisconsin, Arizona, Florida, Texas, Oregon, Tennessee, California, Alabama and Nevada.

Contact Information: CONTACT: Jose Boza/Jorge Martinez The Conroy Martinez Group Ph. (305) 445-7550