Hilco Real Estate Announces The Court-ordered Bankruptcy Sale Of 45 Multifamily Properties On Chicago's South Side
Aug 05, 2020, 17:22 ET
NORTHBROOK, Ill., Aug. 5, 2020 /PRNewswire/ -- Hilco Real Estate, LLC announces September 30, 2020 as the bid deadline for a court-supervised auction of 45 multifamily properties located on Chicago's South Side, formally known as Better Housing Foundation Portfolio B. The portfolio features 45 multifamily properties, totaling 535 units, organized into six separate neighborhood pools available for purchase. The portfolio is being sold subject to a minimum stalking horse overbid of $8,440,000, which equates to $15,775 per unit. Bids will be considered on the entire portfolio, individual pools of properties, or in pool combinations.
The six separate pools available in this sale are organized into the following groups: Pool A: six buildings totaling 57 units located in the Bronzeville and Grand Boulevard neighborhoods; Pool B: ten buildings totaling 96 units located in the Washington Park neighborhood; Pool C: eight buildings totaling 54 units located in the Woodlawn neighborhood; Pool D: eight buildings totaling 181 units located in the Englewood neighborhood; Pool E: eight buildings totaling 99 units located in the Greater Grand Crossing and Chatham neighborhoods; and Pool F: six buildings totaling 48 units located in the South Shore neighborhood.
The sale represents an opportunity for experienced owners/operators to make capital investments in order to bring the units up to City of Chicago and Department of Housing and Urban Development (HUD) standards, thereby unlocking the value of these properties. With low average occupancy levels throughout the portfolio, there is a significant amount of upside potential through physical updates, occupancy stabilization and leasing efforts.
Jeff Azuse, senior vice president at Hilco Real Estate, stated, "This is a fantastic opportunity to acquire a substantial number of units and add significant value through renovation and lease-up. With the renovations, the units can be approved for various governmental assisted rental programs." He continued, "We're excited to help turn a situation that didn't meet original expectations into one that results in revitalized properties and positive change within these Chicago communities."
Azuse continued, "There is a dire need for quality, affordable housing throughout the country, particularly in these specific areas of Chicago's South Side. Through this sale, an experienced buyer will work hand in hand with the city to fulfill this need."
Bidders will have the chance to fully inspect properties during predetermined tour dates coordinated by Hilco Real Estate.
Bids must be delivered per the court approved bid procedures (available for download in our virtual data room) on or before 5:00 p.m. (CDT) on the day of the deadline to be considered. For more information regarding the sale process, please contact Chet Evans at (847) 418-2702 or via email to [email protected].
For further information on the properties, an explanation of the sale process, bid procedures or to obtain access to property due diligence documents, please visit HilcoRealEstate.com/Chicago-multifamily 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.
Media Contact:
Gary Epstein
Hilco Global
Office: (847) 418-2712
Mobile: (847) 323-4943
Email: [email protected]
SOURCE Hilco Real Estate
