A&G Real Estate Partners is now accepting bids for its June 14 bankruptcy auction of more than 50 properties in and around Manhattan, Kansas. The assets include several development sites and multi-unit buildings in a federal Opportunity Zone adjacent to Kansas State University.
“This bankruptcy auction features assets that will be of interest to a wide array of potential buyers, including opportunistic developers and investors, and even first-time homebuyers,” said Jamie Coté, A&G’s Senior Managing Director of Real Estate Sales.
The June 14 bankruptcy auction begins at 10 A.M. at the Hilton Garden Inn Manhattan Conference Center. Those wishing to participate in the auction must submit Qualifying Bids to A&G by June 7, 2022.
The properties include:
- 29 single-family houses;
- 13 multi-unit buildings ranging from two to twelve apartments;
- 22 contiguous lots in the Valleywood subdivision;
- A nine-unit mobile home park on Casement Drive and,
- Two vacant commercial properties, including a former nursing home on nearly one acre in Abilene and a former ice factory in Junction City.
Coté noted that the properties will be offered in many combinations, allowing investors of all sizes to participate.
Meanwhile, several of the assets on offer will be of particular interest to investors in federal Opportunity Zones—designated census tracts where new investments, under certain conditions, may be eligible for preferential tax treatment, said Emilio Amendola, Co-President of A&G Real Estate Partners.
The most substantial of these parcels measures 22,500 square feet and is located just one block from the university. This site currently contains a 12-unit apartment building and a single-family home. “However, current zoning allows for 45,000 square feet of construction on the site, with the potential to have an even larger building approved with the new Redevelopment Design zoning overlay,” Amendola explained.
Other Opportunity Zone properties in the auction include four-unit and five-unit buildings on Ratone and Bluemont Streets, as well two adjacent properties at 804 and 810 Fremont Street. “With their proximity to the popular Aggieville entertainment district, the Fremont Street sites would make for an ideal redevelopment,” Amendola noted.
In terms of geographic distribution in the Manhattan area, 24 lots as well as nine residences are located within the Valleywood neighborhood; a commercial lot and the vacant nursing home are in Abilene; three homes are in Enterprise; and the vacant former ice factory is located in Junction City.
“Workforce housing rentals and new housing stock in Manhattan are in very short supply. The properties that we are offering provide great options for both investors and builders to fill that void,” Amendola added.
A&G was retained to direct the sale by I-70 Properties, LLC, as part of I-70’s Chapter 11 bankruptcy (Case No. 21-40768), filed in The U.S. Bankruptcy Court for the District of Kansas.