Downtown Des Moines apartment complex sold for $24.8 million
BPC Staff Dec 21, 2022 | 12:14 am
4 min read time
1,036 wordsAll Latest News, Housing, Real Estate and Development
The Vue apartment complex, located north of Crocker Street along Ninth and Eighth streets, has been sold to an out-of-state investor. The photo above shows the dog park and building at 915 Ninth St. Photo provided by Polk County Assessor’s Office
A Los Angeles group that describes itself as an “alternative investment company” has purchased multifamily property located on the northern edge of downtown Des Moines, Polk County real estate records show.
Pacific Oak Capital Advisors, through a fund it manages, paid Hubbell Realty Co. $24.8 million for properties at 915 Ninth St. and 922 and 927 Eighth St. in Des Moines.
The Vue apartment complex, which include one-, two- and three-bedroom units, is the sixth multifamily development Hubbell has sold in the past 12 months. The sales are “primarily due to strong demand from the national multifamily investment market,” a Hubbell spokeswoman wrote in an email.
Other apartment developments Hubbell has sold include:
• Property at 915 Mulberry St. that includes a five-story, 62-unit apartment building. The $10.6 million transaction was recorded in October.
• The historic Hubbell Building at 904 Walnut St. The 10-story building, constructed in 1913, was converted to apartments in 2006. The $3.17 million transaction was recorded in January.
• Multifamily property at 3600 Patricia Drive in Urbandale that includes 120 units spread over five buildings. The $12.6 million transaction was recorded in January.
• The Velocity, a 115-unit apartment complex at 200 Des Moines St. The $27.3 million transaction was recorded in December 2021.
• The Verve, a 128-unit apartment high-rise at 225 E. Center St. The $24.5 million transaction was also recorded last December.
The Vue apartments are spread over three buildings, all located north of Crocker Street.
The Ninth Street property includes a four-story, 31-unit building constructed on a 0.6-acre parcel. The property is valued at $3.9 million.
The building at 922 Eighth St. includes 56 units; the one at 927 Eighth St. includes 24 units. Both buildings are four stories and the properties’ combined value is $14.6 million.
The Vue, which opened in August 2018, includes an outdoor dog park, an indoor-outdoor rooftop community patio, and underground and above-above ground parking.
The transaction was recorded Dec. 12.
In other transactions:
SH Property LLC, located in Des Moines, paid Arbor Coop Housing Association $840,000 for property at 3810 Ingersoll Ave. in Des Moines, records show. The property includes a two-story, 5,720-square-foot office building that was constructed in 1955. The property is valued at $444,000. The transaction was recorded Dec. 12.
Reilly Construction Co. Inc., located in Ossian, Iowa, paid Halbrook Properties Inc. $3 million for property at 4807 S.E. Rio Court in Ankeny, records show. The transaction includes the acquisition of an adjacent 1.1 acres that are undeveloped. The nearly 9.5-acre parcel on Rio Court includes a 12,944-square-foot office/warehouse that was built in 2005. The combined value of the two properties is $1.5 million. The transaction was recorded Dec. 13.
MDC Coast 22 LLC, located in San Diego, Calif., paid NVA RE LLC $1.2 million for property at 8145 University Blvd. in Clive, records show. The property includes a 4,478-square-foot building constructed in 1994. University West Pet Clinic is located in the building. The property is valued at $648,000. The transaction was recorded Dec. 13. In addition, MDC Coast 22 LLC also paid NVA RE LLC $1.2 million for property at 2222 University Ave. and 1161 23rd St. in Des Moines, records show. The University Avenue property includes a 4,500-square-foot building constructed in 1996. The building houses a veterinary clinic. The property is valued at $624,000. The adjacent property on 23rd Street is undeveloped. The transaction was recorded Dec. 16.
Brandon and Laura Grimm paid Dynasty Partners Homes LLC just over $1 million for property at 8032 N.W. 106th Court in Johnston, records show. The property includes a two-story, 3,009-square-foot house whose construction was recently completed. The transaction was recorded Dec. 13.
Other apartment developments Hubbell has sold include:
• Property at 915 Mulberry St. that includes a five-story, 62-unit apartment building. The $10.6 million transaction was recorded in October.
• The historic Hubbell Building at 904 Walnut St. The 10-story building, constructed in 1913, was converted to apartments in 2006. The $3.17 million transaction was recorded in January.
• Multifamily property at 3600 Patricia Drive in Urbandale that includes 120 units spread over five buildings. The $12.6 million transaction was recorded in January.
• The Velocity, a 115-unit apartment complex at 200 Des Moines St. The $27.3 million transaction was recorded in December 2021.
• The Verve, a 128-unit apartment high-rise at 225 E. Center St. The $24.5 million transaction was also recorded last December.
The Vue apartments are spread over three buildings, all located north of Crocker Street.
The Ninth Street property includes a four-story, 31-unit building constructed on a 0.6-acre parcel. The property is valued at $3.9 million.
The building at 922 Eighth St. includes 56 units; the one at 927 Eighth St. includes 24 units. Both buildings are four stories and the properties’ combined value is $14.6 million.
The Vue, which opened in August 2018, includes an outdoor dog park, an indoor-outdoor rooftop community patio, and underground and above-above ground parking.
The transaction was recorded Dec. 12.
In other transactions:
SH Property LLC, located in Des Moines, paid Arbor Coop Housing Association $840,000 for property at 3810 Ingersoll Ave. in Des Moines, records show. The property includes a two-story, 5,720-square-foot office building that was constructed in 1955. The property is valued at $444,000. The transaction was recorded Dec. 12.
Reilly Construction Co. Inc., located in Ossian, Iowa, paid Halbrook Properties Inc. $3 million for property at 4807 S.E. Rio Court in Ankeny, records show. The transaction includes the acquisition of an adjacent 1.1 acres that are undeveloped. The nearly 9.5-acre parcel on Rio Court includes a 12,944-square-foot office/warehouse that was built in 2005. The combined value of the two properties is $1.5 million. The transaction was recorded Dec. 13.
MDC Coast 22 LLC, located in San Diego, Calif., paid NVA RE LLC $1.2 million for property at 8145 University Blvd. in Clive, records show. The property includes a 4,478-square-foot building constructed in 1994. University West Pet Clinic is located in the building. The property is valued at $648,000. The transaction was recorded Dec. 13. In addition, MDC Coast 22 LLC also paid NVA RE LLC $1.2 million for property at 2222 University Ave. and 1161 23rd St. in Des Moines, records show. The University Avenue property includes a 4,500-square-foot building constructed in 1996. The building houses a veterinary clinic. The property is valued at $624,000. The adjacent property on 23rd Street is undeveloped. The transaction was recorded Dec. 16.
Brandon and Laura Grimm paid Dynasty Partners Homes LLC just over $1 million for property at 8032 N.W. 106th Court in Johnston, records show. The property includes a two-story, 3,009-square-foot house whose construction was recently completed. The transaction was recorded Dec. 13.
NC EP True LLC, located in Minnetonka, Minn., paid KC Real Estate LC $1.95 million for property at 3424 E.P. True Parkway in West Des Moines, records show. (Photo courtesy of Loopnet.com.) The property had housed an Iowa Realty Co. office. Earlier this year, Iowa Realty consolidated its three West Des Moines offices into one location at 5901 Mills Civic Parkway. The 1.6-acre parcel on E.P True Parkway includes a two-story, 13,672-square-foot office building constructed in 1994. The property is valued at $2 million. The transaction was recorded Dec. 14.
A real estate private equity firm that invests in multifamily properties has purchased an apartment complex in Des Moines, records show. Measured 6209 SE 5th LLC, managed by Measured Capital, paid Vareco 6209 SE 5th LLC $8 million for property that includes the Plazaview Apartments, a four-building complex at 6209 S.E. Fifth St. The three-story buildings include over 100 units, ranging from efficiencies to two-bedrooms. The complex was developed in 1975. The property is valued at $5.84 million. The transaction was recorded Dec. 14.
Cutler Development has acquired property at 2701 Ingersoll Ave. in Des Moines on which it plans to construct a three-story building that will include 20 apartment units and street-level commercial space. Star Commercial LLC and Star Apartments LLC, both managed by Cutler Development, paid 2701 Ingersoll LLC $665,000 for the property that includes a convenience store and fuel pumps, records show. The nearly 0.6-acre site and structures on it are valued at $314,100. The transaction was recorded Dec. 15. Construction of the $7.2 million mixed-use project is expected to begin in early 2023.
Elkhart Properties LC, located in Ankeny, paid Peak Development Corp. $687,070 for property at 3906 N.E. 126th Ave. in Elkhart, records show. The 4.5-acre parcel is adjacent to industrial uses including Norwalk Ready Mix Concrete-Elkhart. Peak Development obtained the property in April 2021 for $250,000. The most recent transaction was recorded Dec. 16.
Dallas County
Sullivan Holdings LLC, located in Adel, paid Loyal Family Farm LLC just over $1 million for property at 33281 U Lane in Adel, records show. The property includes 53 acres on which a single-family house is located. The transaction was recorded Dec. 14.
Bart and Julie Baudler paid Matthew and Sarah Oehlerking $1.8 million for 109 acres of farm ground located between the Raccoon River and River Valley Golf Course north of Adel, records show. The Baudlers also paid the Oehlerkings $720,720 for an adjacent 44 acres of farm land. The transactions were recorded Dec. 16.
Cutler Development has acquired property at 2701 Ingersoll Ave. in Des Moines on which it plans to construct a three-story building that will include 20 apartment units and street-level commercial space. Star Commercial LLC and Star Apartments LLC, both managed by Cutler Development, paid 2701 Ingersoll LLC $665,000 for the property that includes a convenience store and fuel pumps, records show. The nearly 0.6-acre site and structures on it are valued at $314,100. The transaction was recorded Dec. 15. Construction of the $7.2 million mixed-use project is expected to begin in early 2023.
Elkhart Properties LC, located in Ankeny, paid Peak Development Corp. $687,070 for property at 3906 N.E. 126th Ave. in Elkhart, records show. The 4.5-acre parcel is adjacent to industrial uses including Norwalk Ready Mix Concrete-Elkhart. Peak Development obtained the property in April 2021 for $250,000. The most recent transaction was recorded Dec. 16.
Dallas County
Sullivan Holdings LLC, located in Adel, paid Loyal Family Farm LLC just over $1 million for property at 33281 U Lane in Adel, records show. The property includes 53 acres on which a single-family house is located. The transaction was recorded Dec. 14.
Bart and Julie Baudler paid Matthew and Sarah Oehlerking $1.8 million for 109 acres of farm ground located between the Raccoon River and River Valley Golf Course north of Adel, records show. The Baudlers also paid the Oehlerkings $720,720 for an adjacent 44 acres of farm land. The transactions were recorded Dec. 16.
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