AABP Award 728x90

Jackson Crossing is for sale


Jackson Crossing, an apartment project that asked renters to extend their view of downtown Des Moines living to south of Principal Park, is for sale. Jackson Crossing was a project initiated by Neighborhood Development Corp. and completed by Jake Christensen and Jim Cownie. “We did always have the intent to test the market once we were stabilized,” Christensen said. “We are open to selling or retaining the property.” The 244-unit complex is for sale at a time when a common complaint from brokers is that there is no “product” available for a glut of potential investors. “Multifamily assets are in high demand from national investors,” Christensen said. “Des Moines is now on the radar of many of them, so it is a good time to see what happens when an investment grade asset is exposed to the buyer pool.” Linda Gibbs and Tim Sharpe with CBRE|Hubbell Commercial are the brokers. A sales flier places the asking price at $43.5 million. Projected operating profits for this year are nearly $2.4 million.

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