AW Properties Global, alongside its auction division AuctionWorks, announces November 26, 2024, as the bid deadline for the Chapter 11 bankruptcy sales of two distinct development sites in the Burtonsville, MD area. Both properties are positioned in strong growth corridors and present unique opportunities for development.
The first property is an approximately 5.86-acre parcel ideal for senior living development located at 15300 Dino Drive, Burtonsville, MD 20866.
The property was recently entitled for the development of 176 senior living units with 210 beds, including independent living, assisted living, and memory care options. Independent living with 92 Units and 119 assisted living beds with 60 units and 64 Beds. Memory Care2 with 4 Units and 27 Beds. Zoning R-200 or TDR. Assumed approved entitlements situated in a rapidly growing area, this site presents an attractive opportunity for investors to meet the rising demand for senior housing. The property benefits from a prime location and a diverse range of amenities that cater to the senior community.
The second parcel is residential development land parcel at P365 Old Columbia Pike, Burtonsville, MD 20866, on the east side of Old Columbia Pike, west of Route 29 (Columbia Pike), and north of Spencerville Road (Route 198) in Montgomery County. The property is an approximately 11.14-acre parcel and is ideal for developing two single-family homes and is positioned in a scenic and well-established residential area. Zoning is RC (Minimum 5 Acre Lots).
Both properties in the Chapter 11 bankruptcy sales are located in the Burtonsville area of Montgomery County, known for its quality residential neighborhoods and proximity to major thoroughfares, making them highly accessible and desirable for future development. This is a rare opportunity for developers and investors to acquire properties in a high-growth area.
Diana Peterson, CEO of AW Properties Global, commented on the strong demand for senior housing stating “According to Senior Housing News, the senior housing market is experiencing significant growth, with units being filled at a much faster rate than they are being built. From 2021 to 2023, 28 senior housing units were absorbed for every 10 that were added, compared to just 7 units per 10 added between 2017 and 2019. This highlights a major opportunity for developers and investors to capitalize on a high-demand segment of the real estate market.” She continued, “The bankruptcy sales of these two sites present an outstanding opportunity for investors and developers to capitalize on the development potential in established, high-demand neighborhoods in Montgomery County.”
The sale of 15300 Dino Dr is being conducted by Order of the U.S. Bankruptcy Court for the District of Maryland (Greenbelt Division) in Case No. 21-10491-MCR Chapter 11 (Burtonsville Crossing, LLC, Debtor) and Case No. 21-10492-MCR Chapter 11 (Elderhome Land, LLC, Debtor), jointly administered under Case No. 21-10492 MCR. Bids must be received on or before November 26, 2024, at 5:00 PM (CT) and must be submitted on the Purchase and Sale Agreement available for review from AW Properties Global’s website.
The sale of P365 Old Columbia Pike is also being conducted under the same joint administration. Bids for this property must also be received on or before November 26, 2024, at 5:00 PM (CT) and submitted on the Purchase and Sale Agreement provided.
Interested buyers should review the requirements to participate in the bankruptcy sale process available on AW Properties Global’s website.
AW Properties Global and AuctionWorks, its auction division and online marketplace, are headquartered in Northbrook, IL. The AW Properties Global team is a sophisticated and dynamic group of seasoned brokerage and auction professionals, including attorneys, MBAs, and CPAs, who consult with their clients to help them reduce costs and maximize value across a portfolio or on an individual asset basis.
Committed to client satisfaction and excellence in real estate consulting, investment sales, brokerage, and auctions, the AW Properties Global team seamlessly merges local market expertise with extensive global reach.
The AW Properties Global team provides premier commercial and residential real estate consulting, brokerage, and auction services across all regions, complemented by equipment liquidation services, sales of going concern businesses, and lease restructuring services.
Specializing in dispositions of real estate and real estate with a business and/or equipment, the AW Properties Global platform includes investment sales, accelerated sales, online auction sales, sealed bid sales, bulk/portfolio sales, sale leasebacks, UCC foreclosure sales, and bankruptcy/363 sales.
