WEST DES MOINES, IOWA — Greysteel has negotiated the $38 million sale of Polo Club Apartments in West Des Moines. Built in 1998, the community consists of 277 two-bedroom units. BJ Connolly, Zach Schneider and Ryan Carter of Greysteel represented the seller, Polo Club LLC/Premier Cos, in the deal. The undisclosed buyer represented itself and plans to conduct a full renovation of the property.
Solid market fundamentals have been difficult to find, with complexities in today’s markets including high insurance premiums, inflated costs and pressures on rents. As with similar cycles in the past, multifamily markets across the Midwest have shown their strength with muted supply, recession-resistant employment diversification and, in a few instances, solid population growth. And among these markets, Des Moines has proven to be exceptionally reliable. Once considered a small but solid capital city, Des Moines has continued to grow over the past two decades — and so has the city’s …
SIOUX CITY, IOWA — Marcus & Millichap has arranged the sale of Luma Heights Apartments, a 91-unit complex in Sioux City, for $3.2 million. The property is situated at 217 19th Street. Colton Luchsinger of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. The buyer plans to renovate the units and will rebrand the property as Hill Top Flats.
DES MOINES, IOWA — A partnership between ARTISAN Capital Group and Eastham Capital has acquired Cityville on 9th, a 312-unit community located in downtown Des Moines. The property was built in three phases between 2015 and 2018. ACG secured Fannie Mae loan assumptions for two of the phases. West Bank, a local bank, provided financing for the third phase. The sale price and seller were not disclosed. Cityville on 9th offers 42 studios, 162 one-bedroom, 99 two-bedroom and 9 three-bedroom units. Amenities include a pool, dog park, courtyard, fitness center, …
DES MOINES, IOWA — NAS Investment Solutions has purchased Broadway Apartments in Des Moines for an undisclosed price. Built in 2015, the property comprises 120 units across three stories. Units average 875 square feet in size. Broadway Apartments offers amenities such as an updated clubhouse, fitness center, playground, dog park and theater room. Adventureland Amusement Park, Prairie Meadows Racetrack & Casino and Outlets of Des Moines are within two miles of the property.
DES MOINES, IOWA — ARTISAN Capital Group (ACG) and Eastham Capital have partnered to acquire Wakonda Village, a 382-unit community in Des Moines. The property is located on the city’s south side, adjacent to the Wakonda Country Club and one block from the Fleur Drive retail corridor. Amenities include a pool, fitness center and dog park. The buyers plan to renovate the property with updates to apartment interiors, parking lots, sidewalks, landscaping and hallway paint and carpets. Pickleball courts and grill stations will also be added to the amenity package. …
WEST DES MOINES, IOWA — A partnership consisting of ARTISAN Capital Group (ACG) and Eastham Capital have acquired Cambridge Court Apartments, a 192-unit property in West Des Moines. Cambridge Court Apartments was built in 1992 and offers one, two and three-bedroom units. Amenities include a clubhouse, fitness center, dog park, garages and indoor/outdoor pools. The buyers plan to renovate the complex. Exact plans for the renovation, however, were not disclosed. ARTISAN Management Group, ACG’s management vertical, will oversee operations at the property.
DES MOINES, IOWA — JLL Capital Markets has arranged $10.6 million in acquisition financing for Harbach Lofts, a 103-unit complex in Des Moines. JLL worked on behalf of the borrower, VareCo, to secure the fixed-rate, ten-year Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, a Fannie Mae DUS lender. Tony Nargi and Will Haass led the JLL Capital Markets Debt Advisory team. Harbach Lofts was originally constructed in 1906 as a furniture warehouse. The property was converted into an apartment community in 2017. Harbach Lofts now comprises …
COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. has secured $67 million in low-income housing tax credits (LIHTC) to support the financing for five affordable housing communities in the Southeast and Midwest U.S. The North Carolina Housing Finance Agency allocated $1.2 million to Pender Crossing, a 48-unit development to be built in Wilson, North Carolina. Pender Crossing will offer one-, two- and three-bedroom units across three buildings. TightLines Designs, headquartered in Raleigh, North Carolina, is the architect for the development. Woda Cooper is partnering with the Keweenaw Bay Indian Community to …
WATERLOO, IOWA — The Annex Group will develop Union at North Crossing, an affordable community in Waterloo, which is in Black Hawk County, Iowa. Union at North Crossing will be a garden style complex offering 180 units across five buildings. Units will come in one-, two- and three-bedroom layouts. The community will be affordable to households earning at or below 60 percent of the area median income. Union at North Crossing is slated to open in summer of 2024. Iowa Finance Authority issued the tax credit award and $25 million …
