Hilco Global has announced the upcoming bankruptcy sale of a newly constructed multifamily property in Watertown, South Dakota, offering investors a rare opportunity to acquire and complete a nearly finished residential asset.
Working in partnership with NAI Sioux Falls, the firm confirmed that April 16, 2026, will serve as the qualifying bid deadline for the 63-unit development. The sale is being conducted under Chapter 7 bankruptcy proceedings and remains subject to approval by the United States Bankruptcy Court for the District of South Dakota, Fargo Division.
The property, located in Watertown at 315 E. Kemp Avenue, is approximately 90% complete and designed as a modern multifamily community. Once finished, the development will feature 63 residential units in a well-positioned area near restaurants, parks, fitness centers, and other essential amenities.
The offering is particularly attractive to investors seeking a value-add opportunity with limited construction risk, as most of the development work has already been completed. Buyers will have the ability to finalize construction and bring new housing supply to the local market relatively quickly.
“This property represents a unique opportunity to acquire a nearly completed multifamily asset in a stable and growing Midwestern market,” said Jonathan Cuticelli, director at Hilco Global. “With construction well advanced and strong local economic fundamentals supporting housing demand, investors have the ability to step in, complete the project and deliver much-needed residential inventory to the Watertown community.”
Watertown continues to serve as a key economic hub in northeastern South Dakota, supporting a diverse range of industries including manufacturing, healthcare, education, and financial services. The city’s employment base includes major organizations such as Prairie Lakes Healthcare System, Terex Utilities, Worthington Industries, and Premier Bankcard.
With a population of roughly 23,000 residents and more than 12,000 jobs in the region, Watertown has demonstrated consistent economic growth. Manufacturing remains a significant driver of employment, while ongoing investment from major employers continues to fuel demand for housing.
This combination of steady job growth and limited housing inventory makes the nearly completed multifamily project particularly timely, as developers and investors look to meet increasing residential demand.
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The sale process requires interested bidders to submit offers by April 16, 2026, at 5:00 p.m. (CT), using the official Purchase and Sale Agreement (PSA). Participation is subject to specific qualification requirements, and prospective buyers are encouraged to review due diligence materials before submitting bids.
The transaction will ultimately be finalized pending court approval, a standard process in bankruptcy-related real estate sales.
Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services firm specializing in asset valuation, advisory, and capital solutions across multiple sectors. The company operates globally with more than 800 professionals and focuses on helping businesses maximize value in both stable and distressed situations.
Originally reported by Hilco Trading, LLC in PR News Wire.
