Iowa

SIOUX CITY, IOWA — Marcus & Millichap has negotiated the sale of Luma Heights Apartments in Sioux City for $3.2 million. The 91-unit apartment complex is located at 217 19th St. Colton Luchsinger of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. The buyer plans to rebrand the property as Hill Top Flats and remodel the units.

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URBANDALE, IOWA — MLG Capital has acquired Walnut Lake, a 180-unit multifamily property in the western Des Moines suburb of Urbandale. The purchase price was undisclosed. Completed in 2016, the community is located at 4454 NW 142nd St. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. Walnut Lake marks MLG’s 10th acquisition in metro Des Moines and brings the owner’s total number of units in Iowa to 1,096. Brett Hood of Northmarq originated a $16.1 million Freddie Mac loan for the acquisition. The five-year loan features a fixed interest rate just below 6 percent.

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DES MOINES, IOWA — CBRE has arranged the sale of Cityville on 9th, a 312-unit apartment complex in Des Moines. The sales price was undisclosed. The property is located at 550 SW 9th St. near Principal Park, Gray’s Lake and the historic Court District. Built in 2015 to 2018, the apartment community features a range of studio, one-, two- and three-bedroom units along with 48,000 square feet of commercial space. Amenities include an outdoor pool and sundeck, fitness center, outdoor fire pit, theater room, business center, dog park, coffee bar and heated parking. Cy Fox, Ray Hamilton and Matt Bukshstaber of CBRE represented the undisclosed seller. ARTISAN Capital Group and Eastham Capital were the buyers.

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URBANDALE, IOWA — Marcus & Millichap has brokered the sale of an Urban Heights Storage facility in Urbandale near Des Moines for an undisclosed price. The 54,095-square-foot self-storage property, built in 2020, features 257 climate-controlled units, 95 drive-up units, 51 indoor units and 28 parking spaces. George Kondracke, Brian Kelly, Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap, in partnership with Brad Vander Linden of The Linden Co., represented the seller, a limited liability company. Buyer information was not provided.

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WEST DES MOINES, IOWA — CBRE has opened a new 8,000-square-foot office on the second floor of 595 Tower, which is located at 595 S. 60th St. in West Des Moines. The firm has relocated from the Hubbell Realty Co. building at 6900 Westown Parkway. The new office is part of CBRE’s Workplace360 program, showcasing the company’s “Future of Work” space standards, including innovative technology and a wider variety of collaborative spaces designed to support hybrid working. CBRE launched its Workplace360 program in 2013 and has since opened more than 100 of these offices worldwide. A cornerstone of the model is the “free address” approach where there is no assigned seating. The Des Moines office is equipped with technology for chat and video applications, a large media display for company announcements and a RISE café. There are several pieces of artwork from local artists, Tom Gross and Candice Luten. The conference room names are based on the three local counties where CBRE is most active — Dallas, Jasper and Polk.

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DES MOINES, IOWA — NAS Investment Solutions has purchased Broadway Apartments in Des Moines for an undisclosed price. Built in 2015, the multifamily property rises three stories with 120 units averaging 875 square feet. Amenities include 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.

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INDIANOLA AND MASON CITY, IOWA — JLL Capital Markets has arranged $17.9 million in acquisition financing for Vintage Hills of Indianola and Country Meadow Place in Iowa. The assisted living and memory care communities total 118 units. Jeff Lepley and Alex Sheaffer of JLL arranged two loans on behalf of the borrower, affiliates of Jaybird Senior Living. Jaybird managed both communities prior to the acquisition. JLL arranged one loan through a regional bank, while the other utilized the HUD 232/223(f) program. The loans represent greater than 80 percent of the total purchase price. Vintage Hills of Indianola is a 62-unit facility located in Indianola, a southern suburb of Des Moines. The building offers amenities such as a movie theater, beauty salon, spa, landscaped courtyard and community parlor. Country Meadow Place is a 56-unit property in Mason City, a city in northern Iowa. The community offers the same amenities as Vintage Hills of Indianola.

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DES MOINES, IOWA — Houghton Properties LLC has completed development of a new 15,000-square-foot flex warehouse in Des Moines. Located at 4410 E. 50th St., the property features a clear height of 20 feet, two drive-in doors and 2.5 acres of outdoor storage. Mick Grossman of KW Commercial is the leasing agent for the building.

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DES MOINES, IOWA — Eastham Capital and ARTISAN Capital Group (ACG) have purchased Wakonda Village in Des Moines for $26.9 million. At 382 units, the multifamily property is the largest in metro Des Moines, according to the buyers. South Florida-based Eastham invested in the deal through its current fund, Eastham Capital Fund VI LP. ACG co-invested with Eastham and will oversee day-to-day management of the asset. Wakonda Village is 96 percent occupied, and rents average $813 per month. The previous owners upgraded the interiors of 201 units and added amenities. ACG plans to improve the unrenovated units and implement a utility billback program. Constructed in phases between 1951 and 1977, Wakonda Village is located at 1800 Watrous Ave. and consists of one- and two-bedroom units ranging from 530 to 660 square feet.

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GRIMES, IOWA — Upland Real Estate Group has brokered the $1.8 million sale of an Arby’s-occupied property in Grimes, a northwest suburb of Des Moines. Arby’s has a 20-year triple net lease with 5 percent rent increases every five years. The tenant on the lease, DRM Inc., is one of the largest Arby’s franchisees and operates 109 Arby’s restaurants in seven Midwest states. Deborah Vanelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller.

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