Bankruptcy Real Estate Sale of 173-Acre Austin-Area Development Yields $35M+ Amid Pandemic Challenges
This Central Texas land auction, a standout example of a distressed property sale, drew 35 offers and set the stage for large-scale redevelopment near Austin.
$35M
Combined Closing Price
5
Months Total Closing for 8 out of 10 Tracts
35
Qualified Offers Generated
Challenge
At the height of the COVID-19 pandemic, Hilco Real Estate Sales (HRE) was engaged to lead the disposition of Longhorn Junction, a 173± acre development along the booming Interstate 35 corridor in Georgetown, Texas. The project faced major headwinds—including two Chapter 11 filings, pandemic-related market disruption, and strict court-ordered sale deadlines. Despite the uncertainty, HRE was tasked with maximizing value and delivering a successful outcome for the estate.
Strategy
Leveraging its deep experience in bankruptcy sales, HRE crafted a comprehensive sales solution tailored to both the legal constraints of the case and the volatile real estate climate. The team:
- Deployed a national marketing campaign targeting institutional investors, developers & land buyers
- Generated exposure across the U.S. & into Canada, Mexico & other international markets
- Delivered qualified buyers to the table even as developer confidence lagged during the pandemic
- Navigated legal complexities including expert testimony, milestone deadlines & post-petition coordination
Results
- $35M+ Combined Sale Price across 8 of 10 tracts
- 35 Qualified Offers Submitted
- Sales Closed Within 5 Months
- Buyers Included Charter Schools, Breweries, Hotel Developers, Industrial Users & More
Outcome
This case underscores the strength of HRE’s bankruptcy sales platform—especially in turbulent market conditions. By blending legal acumen with strategic outreach and national reach, HRE transformed a stigmatized and stalled development into a revitalized opportunity. The resulting projects are expected to bring over 1,000 new jobs and millions in economic growth to Georgetown, one of the nation’s fastest-growing cities.