A property must have been transferred for a full quarter before the property comes up for auction. If not, it will be available in the following auction.
For example
1. Ownership of Property A transfers into the name of one of the investment companies in December. It would only be operating for 2 months before the February auction, therefore will not be eligible. It will then be eligible for the May auctions.
2. Ownership of Property B transfers into the name of one of the investment companies at the end of July. It would only be operating for 1 month before the August auction, therefore will not be eligible. It will then be eligible for the November auctions.