Hiawatha Manor Conversion Opportunity
Fee simple ownership of 47 individual condominium units
Marketing description
For registration requirements and regulations, please review here or contact Hannah Ladenheim | 936-274-1332 | hladenheim@crexi.com.
Property tours are available by appointment only. Please contact the listing broker to schedule a tour. Please contact Paul Sexton/HREC at [email protected] for scheduling.
HREC Investment Advisors, in conjunction with Crexi is pleased to offer qualified investors the opportunity to acquire the fee simple interest in the 47 condominium units that comprise the Hiawatha Manor complex (the “Property” or “Hiawatha Manor”) located within the Lake Tansi master-planned community just outside of Crossville, Tennessee.
The units are being offered in “bulk,” free and clear of all liens and encumbrances (including all timeshare interests) as more specifically described in the “Bundle of Rights to Convey” section of this offering memorandum.
Of note, HREC and Crexi are also separately offering investors the opportunity to acquire the 72-unit Hiawatha West property, Hiawatha Manor’s sister property which is also located within the lake Tansi community. Please see HREC for additional information.
Click HERE to view Hiawatha Manor’s sister property.
Non-Contingent
Earnest Money Deposit: Greater of $20,000 or 10% of the Purchase Price
Marketing Fee: 2.5% of the Winning Bid Amount, $20,000 minimum
$10,000 Participation Deposit
Subject To Seller Approval
100 Country Club Dr, Crossville, TN 38572
Investment highlights
TN Auctioneer Stephen Dawson TN 7746.
- Excellent opportunity to satisfy pent up demand in the local market for multifamily housing, including for senior housing
- Offered below replacement cost
- Residents would have access to the most extensive amenity base in the region (via fee arrangement with the Lake Tansi POA)
- Separate electrical meters for each unit allow for individual condominium sales
- Move-in ready condition of most units offers speed to market/immediate cash flow
Listing Contacts
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Additional Information
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