Apartment buildings at 3800 Martin Luther King Jr. Parkway were among four Des Moines properties bought by an out-of-state group. Photo provided by Google Inc.


An out-of-state group bought four multifamily properties located in the northern part of Des Moines, Polk County real estate records show.

Cornerstone Apartments LLC, based in Cottage Grove, Minn., paid Arbor Woods Apartments LLC $3.78 million for property at 3800 Martin Luther King Jr. Parkway and 2519 Clarkson Ave. It also paid Clarkson Woods Apartments LLC $1 million for property at 2525 and 2535 Clarkson Ave.

The apartments on Martin Luther King Jr. Parkway include three three-story buildings constructed in 1971 and 45 units in total. The property, valued at $1.7 million, was described on the Polk County assessor’s website as being in below normal condition. The property at 2519 Clarkson Ave. includes three two-story buildings with 45 units. The combined value of the two properties is $1.7 million.

The property at 2525 Clarkson Ave., valued at $622,000 includes a three-story building constructed in 1975. The building has 17 apartment units. The property was is described as being in below normal condition. The property at 2535 Clarkson Ave. includes a three-story building with 17 apartment units. The property, valued at $622,000, is described as being in below normal condition.

The two transactions were recorded April 23.

In other transactions:

Grove Landing Development LLC paid several entities $2.96 million for 51.3 acres in northwest Ankeny, real estate records show. The property is located on the southwest corner of Northwest 18th Street and Northwest Weigel Drive. The parcel’s final plat, approved by the city’s plan and zoning commission on April 6, includes 76 residential lots and three out lots, two of which will be used for stormwater detention. Sellers of the undeveloped land include TJL Investments LLC, Shyft Collective Development 10 LLC, Eric and Carol Ziel John Revocable Trust, Leo Investments LLC, and DVV investments LLC. The transaction was recorded on April 16.

Hurd Kettlestone LLC paid Thomas and Polly Lepic $3.8 million for property at 1725 N.W. 86th St. in Clive, records show. The property includes a Kum & Go convenience store with pumps. The store, located on 1.4 acres, was constructed in 2010. The property is valued at $1.65 million, records show. The transaction was recorded April 19.

Penta Partners LLC, based in West Des Moines, paid DNG Properties LLC $833,817 for three lots in the Bondurant Commercial Business Park, records show. The lots are at 88, 90 and 96 Paine Circle. The transaction was recorded April 19.

IAUR Rocklyn MHP LLC, based in Cedaredge, Colo., paid Rocklyn Mobile Home Park LLC $2.3 million for property at 2835 70th St. in Urbandale, records show. The property includes 40 mobile home pads and two multifamily residences. The property is valued at $935,000. The transaction was recorded April 21.

David and Nanette Siegel paid Aage and Brittainey Lauridsen $1 million for property at 408 Woodhaven Drive in Polk City, records show. The property includes a 3,826-square-foot house constructed in 2014. The transaction was recorded April 21.

Elder Properties II LLC paid the Charles Brown Trust $1 million for property at 5152 E. University Ave. in Pleasant Hill, records show. The property, valued at $798,000, includes 2.4 acres and four metal warehouses. The property abuts Elder Corp.’s headquarters at 5088 E. University Ave. The transaction was recorded April 21.

Prit LLC, managed by Ravikumar Patel and Dimple Patel, paid Krupa Hospitality Inc. $1.8 million for property at 4950 E. 14th St. in Des Moines, records show. The property includes a 52-unit hotel constructed in 1999. The property is valued at $1.2 million. The transaction was recorded on April 22.

Bronco Properties LLC, located in Johnston, paid DRA Properties LC $1.63 million for property at 6409 N.E. Industry Drive in Des Moines, records show. The property includes 4.5 acres and a 22,110-square-foot office-warehouse built in 2010. The property is valued $1.78 million. The transaction was recorded on April 23.

Store Master Funding X LLC paid Gilcrest/Jewett Lumber Co. LLC $16 million for property at 1100 S.E. Alice’s Road in Waukee, Dallas County real estate records show. In addition, Store Master Funding X, managed by Store Capital Corp. of Scottsdale, Ariz., paid the lumber company $5.11 million for property at 5660 N.E. Hubbell Ave. in Des Moines, Polk County real estate records show. Store Capital Corp. is a net-lease real estate investment trust that invests in single tenant operational real estate. In January, US LBM announced it had acquired Gilcrest/Jewett, which has five locations in Iowa. US LBM, a leading U.S. distributor of specialty building materials, is headquartered in Buffalo Grove, Ill. A spokesperson for US LBM said that in addition to Gilchcrest/Jewett's acquisition by the Illinois firm, Gilcrest/Jewett also sold its real estate in a sale-leaseback transaction. The Waukee property includes 23 acres and five buildings with more than 151,0000 square feet of space. The buildings include a retail store and warehouses. The Altoona property includes 8 acres and a 75,250-square-foot retail and warehouse building constructed in 1981. The properties also include a lumber yard and associated structures. The transactions were recorded April 21.