Multifamily

WEST DES MOINES, IOWA — Watermark Residential has begun construction of Watermark at Jordan Creek, a 176-unit, Class A multifamily community in West Des Moines. Terre Haute, Ind.-based Thompson Thrift Construction is the project’s general contractor. The community will include four four-story, wood-frame buildings and feature some parking in detached garages. Other amenities include a resort-style pool and a large clubroom. Watermark at Jordan Creek is located on a 9.2-acre site at the northeast corner of Stagecoach Drive and South 68th Street. The project is slated for completion in 2015. Dallas-based Humphreys & Partners Architects is the architect for the project.

WINONA LAKE, IND. — Holladay Properties, a South Bend, Ind.–based commercial real estate firm, has been selected to develop an 80-bed, townhouse-style dormitory for Grace College and Seminary. The new dormitory will be located at the entrance to Grace’s main campus in Winona Lake, about 40 miles west of Fort Wayne. Grace College will master lease the project from Holladay Properties to provide on-campus housing for primarily upper-classmen.

WOODBURY, MINN. — Marcus & Millichap has arranged the $2.8 million sale of Ashwood Ponds, a 36-unit apartment property located in Woodbury, an eastern suburb of Minneapolis. Dan Linnell and Mox Gunderson, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor, and the buyer, a limited liability company. Ashwood Ponds is located at 6725 Ashwood Road. Constructed in 1996, the multifamiliy community features six one-bedroom, 20 two-bedroom and 10 three-bedroom units.