HILCO REAL ESTATE ANNOUNCES THE BANKRUPTCY SALE OF 25± ACRE, MULTIFAMILY DEVELOPMENT PARCEL IN DESERT HOT SPRINGS, CALIFORNIA

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May 30, 2023, 10:55 ET

NORTHBROOK, Ill., May 30, 2023 /PRNewswire/ -- Hilco Real Estate, LLC announces July 13, 2023, as the qualified bid deadline for the bankruptcy sale of this city-approved luxury condominium development in the fast-growing city of Desert Hot Springs, Calif.

This development parcel, spanning 25± acres, is strategically located in Desert Hot Springs, a city renowned for its natural beauty, hot springs and growing tourism industry. The property is accompanied by a city-approved development agreement, offering unparalleled advantages for buyers. The agreement is valid until 2042, providing an extended timeline for construction and ensuring stability for investors. This luxury condominium development has plans for 402 total units and will be gated with an abundance of high-end amenities on site, making it one of the first of its kind in the area.

Set in the heart of Desert Hot Springs, this site offers stunning views of the San Jacinto Mountains and easy access to the surrounding retailers and tourism spots. The city has become an attractive destination for individuals seeking a serene and rejuvenating lifestyle. Its natural hot springs and wellness-focused resorts have gained popularity among tourists, with a few being featured in a recent New York Times article. The city's proximity to Palm Springs and Joshua Tree National Park is eight miles away, making it an ideal location for outdoor enthusiasts, offering a multitude of recreational activities such as hiking, golfing and exploration.

Desert Hot Springs' booming real estate market presents significant growth potential for buyers. According to the U.S. Census Bureau, it was reported that the population has grown 25.3% in the last 10 years. The city's popularity among tourists and retirees seeking a tranquil lifestyle, as well as the increasing demand for oasis-like destinations, positions this property as an ideal investment opportunity.

Terry Rochford, senior vice president of business development at Hilco Real Estate, stated, "With the city's approved development agreement until 2042, it ensures a streamlined process, enabling investors to move forward confidently with their plans. This extended agreement period provides ample time for comprehensive planning, construction, and the opportunity to establish a profitable venture."

Jamie Coté, vice president at Hilco Real Estate, added, "Investors won't want to miss out on this unique opportunity to acquire a prime development parcel in Desert Hot Springs, where natural beauty, wellness, and economic growth converge." He continued, "With the city's population consistently increasing, this multifamily development has great potential being one of the first luxury condominiums to the area."

The sale is being conducted by Order of the U.S. Bankruptcy Court Central District of California (Riverside), Bankruptcy Petition No. 6:23-bk-10602-RB, In re: The Residences at Ovation, LLC. Qualified bids must be received on or before the deadline of July 13, 2023 at 5:00 p.m. (CT) and must be submitted on the Purchase and Sale Agreement available for review and download from Hilco Real Estate's website.

Interested buyers should review the bid procedures for requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate's website. For further information, please contact Jamie Coté at (847) 418-2187 or [email protected] and Steve Madura at (847) 504-2478 or [email protected]

For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.

About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

SOURCE Hilco Real Estate