In what's being called the country's biggest single receivership of residential investment properties, 153 rental units in Hamilton, New Plymouth and Palmerston North are for sale.
The sale includes multi-storey apartments and units, as well as student residences in Hamilton, 16 three-bedroom townhouses in New Plymouth and a large accommodation complex in Palmerston North.
The units were placed in receivership at the end of 2008.
Bayleys Real Estate, which is handling the sale, says it represents a significant chunk of the private accommodation available in all three towns.
It says there's interest from commercial and industrial property investors.
Tenders close on 1 July.