Real estate broker Tim Schutte has closed on the purchase of the residential units at downtown Des Moines’ historic Kirkwood Hotel, where he is converting apartment units to condominiums. His banker wanted to see some proof that that a condo conversion was workable at a time when few developers will take on such projects. Schutte said in an email that he has sold seven of the 54 apartments. According to property records filed Monday, Dec. 21, Schutte’s Kirkwood LLC paid $7.8 million to entities that represent the Coppola family and an Omaha investment entity. Schutte also has the right of first refusal on any future sale of the first-floor commercial space at the 12-story structure. 

 Read more about Schutte and his plans for the Kirkwood onBusinessRecord.com.