Lakewood Village Association, Inc., is a private, non-profit homeowners' association for a residential neighborhood. The neighborhood consists of 615 single-family homes. The estimated population within the LVA is about @ 2,250. It lies within the city limits of Norwalk, Warren County, IA. Lakewood owns several properties (or Common Properties) around the neighborhood in addition to Lake Colchester. Lake Colchester is a private 170-acre recreational game fishing and boating lake.

These properties include a beach area, a pontoon beach area, four parks, a playground, Gazebo, and picnic shelters, a full-size basketball court, two-net, professional sized volleyball courts, a fire pit, and patio area, walking/bike trails, an island, camping areas, two cantilever fishing piers, and five floating fishing docks, 60 docks floating marina, and a boat ramp. Additionally, there are numerous benches covering several acres of shoreline fishing spots.