Hilco Real Estate sets auction of properties in N.C.
Wednesday, November 13, 2013 3:13 PM
NORTHBROOK -- Hilco Real Estate announced plans to auction 80 residential and commercial investment properties located in Dunn, N.C.
ThE portfolio is located 40 minutes south of Raleigh and 25 minutes north of Fayetteville, N.C. and includes single-family homes, multi-family buildings, retail storefronts, commercial units and vacant development land.
The fully leased portfolio of properties can be purchased individually, in groups, or as an entire portfolio. The auction will be conducted via sealed bid on or before Dec. 17, with offers delivered to Hilco Real Estate by 5 p.m. Central Time.
"This is a very compelling real estate opportunity for investors or buyers because it offers significant cash flow as well as a wide variety of redevelopment possibilities" said Greg Apter, president of Hilco Real Estate. "The unique auction sales process also gives buyers the ultimate flexibility – they can select the number of properties they want and what they want to pay."
The portfolio generated approximately $470,000 of net operating income in 2012 and currently has 100 percent occupancy. The portfolio also benefits from low tenant turnover resulting in a stabilized rental income.
Sealed bids for this auction sale are to be submitted to the offices of Hilco Real Estate, Attention NC Portfolio Project Manager - 5 Revere Drive, Suite 320, Northbrook, IL 60062. Interested buyers can inspect the properties on a drive-by only basis. Under no circumstances may bidders disturb tenants. Bidders violating this requirement may be disqualified from bidding. Two Bidder's Seminars will be held prior to the auction date. Please call Hilco for details.
"Buyers in this market are looking for a predictable return on capital. With the volatility of the stock market in recent years, savvy investors have returned to real estate for stability in an uncertain financial world. This portfolio provides the individual or institutional investor with an exceptional opportunity to acquire a portfolio with an established rental history and strong balance sheet" Apter said.
A detailed Bidder's Information Packet is available for the property, containing property specific information, an explanation of the auction process and the Terms of Sale. The review of the Packet is required to bid and will be available for download online. To obtain access to the Bidder's Information Packet, contact the Project Manager at (855) 820-2828.