United States, Illinois, Northbrook - 11/21/2019 (PRDistribution.com)
Hilco Real Estate, LLC announces December 20 as the qualified bid deadline for a residential portfolio in the Houston, Texas, area.
This portfolio of 30 homes is 57% occupied and offers significant additional cash flow potential as occupancy rises. One of the featured properties in this portfolio is a beautiful 6,592 SF 4-bed / 5-bath dwelling in Spring, Texas, complete with a pool and movie theater. The appraised value of this single property is estimated at $755,000. Many of the residences consist of desirable 4-bed / 2-bath layouts and range in size from 2,000 to 4,000 SF. Despite 13 vacant structures, the entire portfolio generates a current annual income of $456,720 and has an overall appraised value of $12,899,000.
The homes included in this portfolio are well located throughout the Houston area, ranging from the northwest suburban communities of Spring and Cypress to minutes west of the city’s downtown.
Houston is the fourth most populous city in the nation with an estimated population of 2,325,502 as of 2018 and is expected to become the third most populous U.S. city by the late 2020s, according to www.HoustonTX.gov. Further, Houston.org stated while Houston ranked third in the nation in overall population growth, the city ranked third in net natural increase, and fourth in international migration in 2018. This rapid growth has been fueled by a strong economy with underpinnings based in energy, healthcare, manufacturing, aeronautics, and transportation. The result is a richly diverse, economically dynamic city that provides residents and visitors alike with world-class attractions, amenities, employment options and a standard of living that are second to none.
The sale will be conducted by order of the United States Bankruptcy Court for the District of Nevada. The qualifying bid deadline is currently Friday, December 20. Qualified bids must be delivered to the offices of Hilco Real Estate on or before 5 p.m. (PT) on the day of the deadline to be considered. Interested buyers should review the detailed bid procedures for requirements available on Hilco’s websitein order to participate in the sale process.
For more information regarding property tours, please contact Adam Surkis at (847) 849-2963 or [email protected]. Interested buyers can submit their bids via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, or via email to [email protected]. The current qualifying bid deadline and any sale is subject to approval of the United State Bankruptcy Court for the District of Nevada.
Commenting on the sale, Jeff Azuse, Senior Vice President of Hilco Real Estate, said, “This is a premier portfolio of homes that offer tremendous revenue-generating opportunities.” He continued, “With the vacancy rate of this portfolio at almost 43%, there’s still a significant amount of upside potential for the savvy investor through efforts to lease up the portfolio.”
As for the location, Azuse commented, “The Houston metro area has experienced stratospheric growth, and it’s not showing any signs of slowing. Developers can’t build houses fast enough, so this offering comes at a perfect time for investors to acquire well-located properties near the heart of downtown Houston, as well as in desirable suburbs, as part of this bankruptcy sale.”
A comprehensive list of assets within this portfolio, including detailed property descriptions and due diligence information, is available for viewing and download at Hilco’s website (www.hilcorealestate.com).
For further information on the property, an explanation of the sale process, sale terms or to obtain access to property 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.