TWO APARTMENT COMPLEXES TRADE HANDS IN IOWA
DES MOINES, IOWA — Marcus & Millichap has arranged the sale of two apartment complexes in Des Moines — the 168-unit Timberland Crest and the 86-unit Meadow Chase. Built in 1990, the 79,040-square-foot Meadow Chase sold for $85,500 per unit. The property’s market-rate apartments average 930 square feet, and the average rent is $875 per month. The market-rate units at Timberland Crest have an average unit size of 728 square feet. The average rental rate per unit is $628 per month. Built in 1973, the multifamily community is located at 4530 Lower Beaver Road. David Gaines and Alex Blagojevich, both vice president investments at Marcus & Millichap, represented the sellers in each transaction. Barry A’Hearn in Marcus & Millichap’s Cedar Rapids office is the firm’s broker of record in Iowa.