An offer from a private investor to purchase the former YWCA building was accepted Monday night.

William Hunter, president of West Des Moines-based Earlham Savings Bank, said he plans to close on the acquisition within two weeks.

“I’m buying it as an investment property,” Hunter said, adding that his plans for the 40-year-old building at 717 Grand Ave. are not yet defined.

But Hunter has no intention of flipping the property. “I’m just not going to do that,” he said. “I’m a long-term guy.”

During the 11 months the property was on the market, at least six offers were made by five potential buyers, including two hotel developers, a church group and the city of Des Moines.

It was listed for $2.5 million. The purchase price was not disclosed.

According to the Polk County assessor’s website, the assessed value of the property is $3.94 million.

Pat Schneider, a broker with Ferguson Commercial Real Estate Services, is representing both the buyer and the seller.

“It came down to if they could pay and how quickly they could pay, and this guy was performing,” Schneider said of the YWCA board of directors’ unanimous decision to accept Hunter’s offer.

Hunter, who said he is not a developer, sees potential for a mixed-used development on the site, which is adjacent to Principal Financial Group Inc., The Des Moines Register and a city-owned parking garage.

“I don’t think there is (just) one thing that building could be used for,” Hunter said, noting that he will reach out to his neighbors before making any big decisions on the property’s future.

Schneider said some buyers were expected to take six to nine months for the due-diligence process. Hunter, who is paying cash, was able to put the deal together within 60 days.

“I know the board felt really good,” Schneider said. “They needed something that was going to close fairly soon.”

Earlham Savings Bank has three offices in Greater Des Moines, including one on the skywalk level of the Equitable Building. Hunter became president of the nearly 80-year-old, family-owned business in 1983.

“I hope to have an office for our bank there,” he said. “I think this is going to be a beautiful place.”