LAKE COUNTY, IN — Madison Hawk, LLC will conduct a sealed bid auction for a mixed real estate portfolio in the Doubletree Lake Estates community in Winfield, Indiana as part of its Chapter 11 bankruptcy proceedings.
The offering of the portfolio creates a unique and one-time opportunity to acquire value-add assets and real property at market-driven price points in a town with the fastest growing population in northwest Indiana. The portfolio consists of four separate parcels;
- 62 finished homesites, many around or near the 60-acre Doubletree Lake, with site improvements fully complete, 10 partially finished lakefront lots with roads and utilities installed and 100 unfinished home sites;
- An existing three-story, 11,091 square-foot building originally built as a golf course clubhouse, but also used as banquet hall, restaurant and office space;
- A 56.6-acre developable parcel preliminarily approved for 201 multifamily units or active adult residences, eight single-family homes and a commercial outlot and;
- 113 acres of agricultural land currently leased to neighboring farmer.
The auction will allow prospective purchasers to bid on either the entire portfolio or one of four individual parcels, according to Jeff Hubbard, President of Madison Hawk, a national real estate firm and industry leader specializing in Structured Accelerated Sales.
“This is an ideal opportunity for a builder or developer seeking to establish a presence in one of northwest Indiana’s premier planned residential communities,” says Mr. Hubbard. “More than 85% of the existing inventory at Doubletree Lake Estates East has sold and this offering represents the balance of the entire neighborhood and the final developable land. Winfield has a rapidly increasing resident base and growing need for housing as exemplified by the tremendous sales success at Doubletree Lake Estates. This portfolio is the last chance to purchase ready-to- build homesites in its most popular new residential address.”
Situated in Lake County’s Town of Winfield, Doubletree Lake Estates is separated into two distinct neighborhoods: Doubletree Lake Estates East and Doubletree Lake Estates West.
Doubletree Lake Estates East has been developed around a one-mile long, 60-plus acre, man-made lake. Once completed, the community will comprise approximately 590 single- family, courtyard and townhome lots with prices ranging from $280,000 to over $1,200,000. Doubletree Lake Estates West is on the verge of a complete sell-out with all but three of its 301 single-family, villa, patio home and paired patio home sites sold. Home prices range from $150,000 to $300,000.
Recreational amenities for the gated community include 24-hour security, an eight-foot walking/biking trail and the 60-acre spring fed, fresh water lake with boating, swimming and fishing.
Located just 45 miles east of downtown Chicago in Lake County and bordering the City of Crown Point, the Town of Winfield has experienced notable growth since its incorporation in 2013. The Township’s access to major transportation outlets — including Interstates 1-80/94 and I-65 — provide entry to the Midwest and nationwide and a short 40-mile commute to Chicago’s Central Business district. Winfield is also 60 miles from Chicago O’Hare Airport and less than 40 miles from Midway Airport.
“Doubletree Lake Estates itself provides an extremely commuter-friendly location,” said Jamie Cote, Managing Director of Madison Hawk. “The property is next to Crown Point and Merrillville and just four miles east of the new I-65/109th Ave. intersection, allowing residents to quickly access the area’s other thoroughfares.”
Sealed bids will be due December 3rd, 2014 at 3 P.M. and should be sent to the Chicago offices of Madison Hawk Partners, LLC, Attention: Jamie Cote, 321 N. Clark Street, 5th Floor, Chicago, IL 60654.
On-site inspections will be available for all properties on November 5th, 12th, 19th and 25th by appointment. A detailed Due Diligence Packet is available and contains specific information related to the properties, the auction and the terms of sale.
For additional information on the auction, please call 800-547-1045 or visit http://www.madisonhawk.com/auctions/doubletree.
About Madison Hawk
Madison Hawk is a national real estate firm and industry leader specializing in Structured Accelerated Sales and Capital Market Solutions to complex real estate situations across all asset classes. The Madison Hawk team is among the most experienced in the industry, having designed and executed over $10 billion worth of commercial and residential sales across all asset classes including; apartment buildings, office buildings, industrial buildings, shopping centers, development land, condominium developments, luxury homes and other special purpose properties. http://www.madisonhawk.com