Hilco Real Estate announced June 15 as the qualified bid deadline for the bankruptcy sale of an unfinished waterfront condominium development located minutes from downtown New Braunfels, TX.
Set along the Guadalupe River, this property features roughly 3.25 acres with 125 feet of riverfront access. Phase one of the building project is complete, featuring nine resort-style units, all with river views. Plans are in place to construct an additional three buildings, housing 45 more units. Prospective buyers can choose to pick up where current ownership left off or pursue their own vision. Direct river access provides a potential supplementary income source through leasing to local river-related outfitters.
The city of New Braunfels sits along the I-35 corridor, located between San Antonio and Austin, TX. It serves as the county seat of Comal County, ranked by the U.S. Census Bureau as one of the top 10 fastest growing counties in the United States by percentage. The Census Bureau also ranked New Braunfels, TX, as the fifth-fastest growing city in the United States from July 2021 to July 2022.
The sale of the property is being conducted by order of the U.S. Bankruptcy Court Western District of Texas (San Antonio). Qualified bids must be received on or before the deadline of June 15 at 5:00 p.m. (CT) and must be submitted on the letter of intent form available for review and download from Hilco Real Estate’s website.
“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,” Terry Rochford, senior vice president of business development at Hilco Real Estate, said. “Combine that with the certainty of the bankruptcy sale process, and you have a very compelling offering.”
“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,” Steve Madura, senior vice president at Hilco Real Estate, said. “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.”
