Overview
The properties – which can easily and immediately be repositioned to multifamily use – being offered are:
1. Hiawatha West, a 72-unit condominium property.
2. Hiawatha Manor, a 50-unit condominium property.
Hiawatha West and Hiawatha Manor are being marketed for sale as individual investment opportunities under the auspices of the United States Bankruptcy Court for the Middle District of Tennessee (Case No. 2:25-bk-01916).
The condominiums in each property are being offered in “bulk” (no individual unit sales).
The properties will be sold via two back-to-back online auctions that will take place at the end of February 2026. CREXI will be hosting the live, online auctions.
See CREXI’s landing page to sign the confidentiality agreement and, thereafter, to view the offering memorandums and due diligence information.
Potential buyers are invited to participate in either auction – or both – depending on their investment goals.
At the closing, each successful bidder will receive ownership of 100% of the condominium units in their property as well as 100% of the voting rights in the condominium association.
The deeds to the properties will be fully supported by an order of the court. As such, the properties will be delivered free and clear of all timeshare interests and other liens/encumbrances.
A likely go-forward business plan for the properties will be to reposition the properties to for-sale condominiums or for-rent multifamily.
Investment Highlights
- Excellent opportunity to satisfy pent up demand in the local market for multifamily housing.
- Each asset can easily be repositioned to:
- For-sale condominiums to either permanent or seasonal residents.
- Multifamily rentals on either a long- or short-term/seasonal basis.
- In-place condominium plats.
- Offered well below replacement cost.
- Separate electrical meters for each unit.
- Units are fully furnished and in move-in ready condition.
- Speed to market in time for the summer season for immediate cash inflows.
- End users (i.e., individual condo owners/renters) would have access to the extensive Lake Tansi POA amenity base.