HILCO REAL ESTATE ANNOUNCES THE BANKRUPTCY SALE OF RIVERFRONT CONDOMINIUM DEVELOPMENT IN NEW BRAUNFELS, TEXAS

NORTHBROOK, Ill., May 3, 2023 /PRNewswire/ -- Hilco Real Estate, LLC announces June 15, 2023 as the qualified bid deadline for the bankruptcy sale of this unfinished, waterfront condominium development located minutes from the booming downtown of New Braunfels, Texas.

Set along the Guadalupe River, this property features 3.25± AC with 125' of exclusive riverfront access. Phase one of the building project is complete, featuring nine luxurious, resort-style units, all with river views. Plans are in place to construct an additional three buildings, housing 45 more units with modern, high-end amenities both in-unit and on-site. Prospective buyers can choose to pick up where current ownership left off, taking advantage of the significant value-add opportunity, or pursue their own vision. Direct river access, in addition to being a significant draw for future residents, provides a potential supplementary income source through leasing to local river-related outfitters.

The city of New Braunfels sits along the I-35 corridor, conveniently located between San Antonio and Austin. It serves as the county seat of Comal County, ranked by the U.S. Census Bureau as one of the top ten fastest growing counties in the country by percentage. The Census Bureau also ranks New Braunfels as the fifth-fastest growing city in the United States from July 2021 to July 2022.

Only 29 miles northeast of San Antonio and 45 miles southwest of Austin, New Braunfels offers excellent access to major metropolitan areas while maintaining its own rich history and culture. The annual Wurstfest, a 10-day celebration of German heritage entering its 62^nd year, brought in 240,000 visitors for its 60^th anniversary in 2021. Schlitterbahn New Braunfels Waterpark & Resort, only 1.3 miles from the property, has won Amusement Today's Golden Ticket Award for Best Waterpark 24 years running. If future residents want to escape crowds, New Braunfels features 41 local parks as well as proximity to the 485-acre Canyon Park at Canyon Lake. With steady growth expected over the next few years, New Braunfels provides investors with a strong economic foundation and ideal community backdrop from which to invest with confidence.

The sale is being conducted by Order of the U.S. Bankruptcy Court Western District of Texas (San Antonio), Bankruptcy Petition No. 23-50121-cag, In re: Villas at Waterwheel, LP. Qualified bids must be received on or before the deadline of June 15, 2023 at 5:00 p.m. (CT) and must be submitted on the Letter of Intent (LOI) form available for review and download from Hilco Real Estate's website.

Terry Rochford, senior vice president of business development at Hilco Real Estate, stated, "Either as a long-term or short-term rental opportunity, we believe that this property will garner significant interest from investors and developers, especially where the city's need for housing has struggled to keep up with surging demand. Combine that with the certainty of the bankruptcy sale process, and you have a very compelling offering!" 

Steve Madura, senior vice president at Hilco Real Estate, stated, "This development, situated on the idyllic Guadalupe River, presents a tremendous value-add opportunity for any investor who wants to resume the current developer's plans or execute their own concept." He went on to add, "As the population of Texas continues to grow, especially in and around the New Braunfels area, the demand for housing will continue to command a premium."

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 Steve Madura at (847) 504-2478 or [email protected] or 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 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