Three Residential Development Sites, Minutes from UT Austin & Downtown Austin, Available Through Bankruptcy Sale With Hilco Real Estate Sales

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Jul 30, 2024, 07:02 ET

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.

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 [email protected] and Michael Kneifel at (847) 201-2322 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