A&G Bankruptcy Sale features over 50 properties in and around Manhattan, Kansas
Auctions due June 7 for June 14 auction comprising a wide range of opportunity areas and other assets, including single family homes, multi-unit buildings, undeveloped land and vacant commercial/industrial properties; many properties located nearby Kansas State University.
MANHATTAN, Kan., May 3, 2022 /PRNewswire/ — A&G Real Estate Partners now accepting offers for his 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 appeal to a wide range of potential buyers, including developers and opportunistic investors, and even first-time home buyers,” said Jamie CoteSenior Managing Director of A&G Real Estate Sales.
the June 14 bankruptcy auction starts at 10 a.m. at the Hilton Garden Inn Manhattan Conference Center. Persons wishing to participate in the auction must submit eligible bids to A&G before June 7, 2022.
- 29 single-family homes;
- 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 retirement home on nearly an acre in Abilene and an old ice cream factory in Junction town.
Côté 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 Amendolaco-chairman of A&G Real Estate Partners.
The largest of these plots 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, the current zoning allows for 45,000 square feet of construction on the site, with the possibility of having an even larger building approved with the new redevelopment design zoning overlay,” Amendola explained.
Other Opportunity Zone properties in the auction include four- and five-unit buildings on Ratone and Bluemont Streets, as well as two properties adjacent to 804 and 810 Fremont Street. “With their proximity to the popular entertainment district of Aggieville, the Fremont Street sites would be an ideal redevelopment,” Amendola noted.
In terms of geographical distribution in the manhattan region, 24 lots and nine residences are located in the Valleywood district; commercial land and the vacant retirement home are in Abilene; three houses are in Business; and the former vacant ice factory is located in Junction town.
“Rental of housing for the workforce and new housing stock in manhattan are very rare. The properties we offer provide excellent options for investors and builders to fill this void,” added Amendola.
A&G has been retained to lead the sale by I-70 Properties, LLC, in I-70’s Chapter 11 Bankruptcy (Case No. 21-40768), filed in the United States Bankruptcy Court for the District of Kansas.
For more information on properties and bidding procedures, visit: www.agrep-sales.com/kansas
Interested persons can also contact Emilio Amendola(631) 465-9507, [email protected]; or Jamie Cote, (630) 954-7444, [email protected]
Press contacts for A&G: Jaffe Communications (908-789-0700), Elisa Krantz, [email protected] or Bill Parness, [email protected].
SOURCE A&G Real Estate Partners