SAM DEAN The Roanoke Times

Alex Niderberg was the first Bridgewater Pointe property buyer selected by lottery. He purchased a condo for his parents, who live in Spotsylvania County.

It took about two and a half hours to sell 48 condominium units that have never been occupied since they were built three years ago.

On June 27, Prudential Waterfront Properties held an opportunity drawing at The Waterfront County Club for Bridgewater Pointe, a mid-rise tower beside Bridgewater Plaza at Hales Ford Bridge.

"The campaign exceeded every expectation we had," said Christopher Finley, director of marketing for The Willard Companies, parent company of Prudential.

He said officials with the Willard Cos. hoped to receive about 150 reservations to get a chance to buy a condo from June 5-26. They received more than 720. The final buyers came from across Virginia, as well as from Arizona, North Carolina, Maryland, New York, Oklahoma, Pennsylvania and Ohio. Fourteen were from the Roanoke metropolitan area and five were SML residents, said Finley.

Amelia Gerner, a Realtor with Prudential, represented clients on 10 of the 48 sales. Five went to two brothers who were looking to buy units for the whole family, she said. Finley said it was the only sale to someone buying more than one unit.

The Willard Cos. was hired to market the condominium units by Atlas Companies, which was hired by BB&T to liquidate the condos.

Prudential organized the opportunity drawing and required potential buyers to reserve contracts by June 26 and pay $5,000 deposits. Households were allowed to enter a maximum of six reservations.

Potential buyers were required to attend the drawing on June 27, where they waited for their numbers to be called in order to choose a condo. More than 300 people attended the sale.

"To have that many true buyers sitting together in one room was quite incredible," said Gerner. "Granted, they're getting them at a good deal, so that certainly helps."

The units were sold at up to 65 percent less than the original asking price. In April 2007, the three- and four-bedroom units were priced from $570,000 to $910,000. Prudential sold the units for $199,500 to $535,500.

Finley said the sales are expected to close within 30 days. If any sales fall through, Prudential will refer to a waiting list of names drawn after the sale concluded.

Finley said they've been receiving queries about a potential second condominium tower from people who walked away from the June 27 sale empty-handed.

The master plan for Bridgewater Pointe included two 48-unit towers. The second tower was never built because the developers, Bridgewater Pointe Partners, filed for Chapter 11 bankruptcy protection in April 2008 after defaulting on a multimillion-dollar loan from BB&T.

"Sunday's demand for tower one represented a validation of our foreclosure strategy," said Merrie Tolbert, a spokesperson for BB&T.

She said BB&T will continue working with contractors to ensure the completion of the second tower. According to the master plan, the second tower must match the first one in architectural style. Tolbert said BB&T is pleased with the work English Construction of Lynchburg did on the first tower.

A pool and bathroom facilities to service the Bridgewater Pointe community also are under construction. Finley said the condominium units currently do not include boat slips and a homeowners association has not yet been created.

Tolbert also praised Prudential Waterfront Properties and The Willard Cos. in their handling of the sale.