NORTHBROOK, Ill., July 30,
2024 /PRNewswire/ -- Hilco Real Estate Sales
announces October 7, 2024, as the bid
deadline for the Chapter 7 bankruptcy sale of three housing
development sites in Austin,
Texas, subject to approval by the United States Bankruptcy
Court (Bankr. W.D. Tex.): 2513-2515 San Gabriel Street, 2103 Nueces
Street and 903 Edgecliff Terrace. These sites are available for
sale individually or in any combination, presenting valuable
opportunities for developers to capitalize on the student housing
needs of University of Texas at Austin
(UT Austin) and the ongoing
population growth of the larger Austin area.
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The first property, at San Gabriel Street, spans 0.32± acres and
is surrounded by apartment complexes, student housing and
fraternity organizations. Currently vacant and clear of any
improvements, this property is zoned MF-4-NP-UNO, Multifamily
Residential - Moderate-High Density, making it ready for the
construction of a 252-unit residential or student housing
structure. Less than a mile southeast is the second site on Nueces
Street. This property is currently home to a two-story, 19-bedroom
residential complex that is leased to Wranglers, a UT Austin fraternity. Situated on 0.19± acres,
this site has the same MF-4 NP-UNO zoning to allow for
redevelopment opportunities with the potential to construct a
390-unit multifamily building. Interested buyers are encouraged to
contact the Land Development Information Services within the city
of Austin for more information on
zoning, density and future uses.
Located in the bustling West Campus neighborhood, commonly
referred to as "Wampus" by UT Austin students, these two properties offer a
variety of shops, restaurants and entertainment options ideal for
student life. The proximity to the university campus makes this
area highly popular among students and faculty. UT Austin increased enrollment by 893 students
from fall 2022 to fall 2023, according to data from the Texas
Higher Education Coordinating Board. The 1.7% change was the
sixth-largest increase among public universities in the state
during that time, further fueling the demand for student housing.
According to the 2024 U.S. News & World Report, UT Austin was ranked 32nd among all universities
in the U.S. and 9th among public universities. The school's
popularity is evident with nearly 73,000 undergraduate applications
for the fall 2024 semester. Additionally, the university announced
in early June 2024 that faculty would
return to full-time, in-person classes for the fall 2024 semester,
while another article from Austin American-Statesman's KVUE
calculated 40% of the freshman class lived off campus during the
fall 2022 semester, further emphasizing the growing need for
housing to this area.
Further south, located on the other side of the Colorado River,
is the third property, 903 Edgecliff Terrace. The lot currently
features a 4,082± SF, single residential home that sits on 0.26±
AC. Built in 1920, there is potential to expand and modernize
the current home to fit in with other newly redeveloped homes in
the area or completely redevelop the property into a private,
luxurious dream home. Located on a private cul-de-sac in the highly
sought-after community of Travis Heights, this area is known for
its stunning views of the river perched atop Lady Bird Lake and
overlooking Austin's downtown
while also providing convenient access to major
roadways/interstates.
The city of Austin has
consistently experienced rapid growth, with a 23.0% increase in
population over the past decade, making it the 10th largest city in
the U.S.. Projections indicate that Austin will become the fastest-growing large
metro area by 2028 and the third largest metro area in the nation
by 2100. The catalysts for this growth include an influx of global
technology companies such as Tesla, Dell, and Samsung, a high
concentration of venture capital, a low cost of living, dynamic
cultural offerings and a warm climate. These factors have combined
to fuel Austin's population surge
and economic output, attracting talent from around the world and
providing a sustainable environment for businesses to thrive.
Terry Rochford, senior vice
president at Hilco Real Estate Sales, stated, "The potential for
these sites is immense. With the surge in population and the
growing popularity of UT Austin,
these properties are perfectly positioned to address the critical
need for student and residential housing. The timing of this sale
couldn't be better to leverage this growth."
Steve Madura, senior vice president at Hilco Real Estate
Sales, added, "We are excited to offer these prime development
opportunities in some of Austin's
most distinct neighborhoods. Developing multifamily or student
housing at these sites will not only meet the increasing demand for
housing but also contribute to the broader growth and vibrancy of
greater Austin communities."
The sale of 2513-2515 San Gabriel Street and 2103 Nueces Street
are being conducted pursuant to the authority of the U.S.
Bankruptcy Court Western District of Texas (Austin) Case No. 23-10737-smr. The sale of 903
Edgecliff Terrace is being conducted by order of the U.S.
Bankruptcy Court Western District (Austin) Case No. 23-10736-smr. Bids must be
received on or before the bid deadline of October 7 at 5:00 p.m. (CT) and must be submitted on the
Asset Purchase and Sale Agreement (PSA) document available for
review and download from Hilco Real Estate Sale's website.
Interested bidders should review the requirements in order to
participate in the bankruptcy sale process available on Hilco
Real Estate Sale's website. For further information, please
contact Steve Madura
at (847) 504-2478 or
smadura@hilcoglobal.com and Michael
Kneifel at (847) 201-2322 or
mkneifel@hilcoglobal.com.
For further information on the property, sale process, and terms
or to obtain access to due diligence documents, please visit
HilcoRealEstateSales.com or call (855) 755-2300.
About Hilco Real Estate Sales
Successfully positioning
the real estate holdings within a company's portfolio is a material
component of establishing and maintaining a strong financial
foundation for long-term success. At Hilco Real Estate Sales (HRE),
a Hilco Global company (HilcoGlobal.com), we advise and execute
strategies to assist clients seeking to optimize their real estate
assets, improve cash flow, maximize asset value and minimize
liabilities and portfolio risk. We help clients traverse complex
transactions and transitions, coordinating with internal and
external networks and constituents to navigate ever-challenging
market environments.
The trusted, full-service HRE team has secured billions in value
for hundreds of clients over 20+ years. We are deeply experienced
in complex transactions including artful lease renegotiation,
multi-faceted sales structures, strategic asset management and
capital optimization. We understand the legal, financial, and real
estate components of the process, all of which are vital to a
successful outcome. HRE can help identify the most viable options
and direction for a company and its real estate portfolio,
delivering impressive results in every situation.
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