Operating Assisted Living Facility in Mineola, Texas, Available Through Bankruptcy Sale with Hilco Real Estate Sales

News provided by

Aug 29, 2024, 10:32 ET

NORTHBROOK, Ill., Aug. 29, 2024 /PRNewswire/ -- Hilco Real Estate Sales announces October 1, 2024, as the qualifying bid deadline for the Chapter 11 bankruptcy sale of an operating 98,000± SF assisted living facility in Mineola, Texas: Autumn Wind of Mineola. The sale is subject to the approval by the United States Bankruptcy Court for the Eastern District of Texas, Tyler Division, IN RE: CMM-MINEOLA LLC, Case No. 24-60336.

Recently remodeled in 2019, Autumn Wind of Mineola sits on 25.7± total acres with 10± acres hosting the main assisted and independent living structures and 15± adjacent acres of developable land. There are seven structures totaling 98,000± SF, one assisted living facility and six detached independent living buildings. Licensed for 90 beds, this turnkey facility features 106 rooms with 112 total beds, providing opportunities for increased resident occupancy. The facility offers a commercial kitchen, individual room kitchenettes and thermostats, outdoor bedroom patios, 24-hour security, resident transportation and more. With the opportunity to enhance services like memory care, skilled nursing, respite care and resident amenities and optimize the maximum bed count in existing spaces, this offering presents the possibility to bolster healthcare services in order to capitalize on a growing need for senior housing in the area. Additionally, the 15± acres of land zoned MF-24 provide for expansion of the current assisted living and independent living use, including alternative uses like behavioral health, memory care, drug rehabilitation or even general multifamily development.

This property is situated 85 miles east of the rapidly-growing Dallas-Fort Worth-Arlington MSA (The Metroplex), deemed the most populous metropolitan statistical area in the Southern United States, totaling 7,637,387 in 2020 by the U.S. Office of Management and Budget. This region further benefits from the historic and continued migration of the nation's population from Rust Belt states to Sun Belt states, driven by factors like affordable housing, job growth and warmer climates. Dodge Data and NICMap Vision report that among the fastest growing 30 metros with over 100,000 residents 75+, 27 are in the Sun Belt, prompting a need in this area as the number of seniors continues to rise. Seniors Housing Business noted 10,000 Americans will turn 80 every day starting in 2025. By 2030, all 73 million Baby Boomers will be of retirement age. These demographic shifts underscore the pressing need for expanded healthcare services.

Terry Rochford, senior vice president of business development at Hilco Real Estate Sales, stated, "Autumn Wind of Mineola offers an exceptional opportunity for investors to step into a market poised for growth. With its existing infrastructure and the potential for expansion, this property is well-positioned to serve the increasing needs of an aging population in East Texas."

Steve Madura, senior vice president at Hilco Real Estate Sales, added, "The combination of a recently remodeled facility and the strategic location near a rapidly expanding metropolitan area makes Autumn Wind of Mineola a compelling investment. This sale provides the perfect platform to not only meet current demand but to anticipate and accommodate future growth in senior housing."

Qualifying bids must be received on or before the deadline of October 1, 2024, at 5:00 p.m. (CT) and must be submitted on the bid document available for review and download from Hilco Real Estate Sales' website.

Interested buyers should review the terms of sale for requirements to participate in the sale process available on Hilco Real Estate Sales' website. For further information, please contact Michael Kneifel at (847) 201-2322 or [email protected] or Jordan Schack at (847) 504-3297 or [email protected].

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.

SOURCE Hilco Real Estate