A New York investment firm has purchased an Iowa multi-housing portfolio that includes six Des Moines-area apartment complexes, paying $56.75 million for the properties.

JLL Capital Markets, which represented seller BBK Apartments, described the sale as the “largest single apartment trade in the state of Iowa.”

The sale involved 507 apartment units.

JLL, a professional services firm that specializes in real estate and investment management, also represented buyer Spruce Properties in obtaining a $45.4 million, 10-year, 2.77%, fixed-rate acquisition loan through Fannie Mae, JLL said in a news release. The loan will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender.

Spruce Properties, which among other things, acquires and manages multifamily rental housing properties across the U.S. that provide long-term cash flow and capital appreciation. According to its website, Spruce Properties acquires properties in strong markets that it can hold onto for the long term and that have predictable cash flows and attractive yields.

The purchase is Spruce Properties first acquisitions in Iowa.

BBK Apartments was a management company established by Bill Kusy of Urbandale to own and operate the six-property apartment portfolio with the Barker family of Iowa City, according to the news release.

The properties involved in the purchase include:

• Lake Shore apartment complex, built between 2015 and 2017 in Ankeny. The 239-unit complex with three four-story buildings includes 10 studio, 112 one-bedroom, 101 two-bedroom and 16 three-bedroom apartments along with several gyms and a swimming pool. The buildings are located at 902 E. First St., 305 N.E. Hayes Drive and 458 N.E. Delaware Ave. The properties, which include 16.5 acres, have a combined value of $18.3 million, Polk County real estate records show. The New York firm paid $33.2 million for the complex, Polk County real estate records show.

• A complex at 202 and 210 N.E. Trilein Drive in Ankeny that includes two buildings, each with 12 units. The properties have a combined value of $1.2 million. The firm paid $2.1 million for the property, records show.

• A nine-building apartment complex with nearly 100 units at 725, 741 and 771 N.E. Fifth St. in Ankeny. The buildings were constructed between 1996 and 2000. The property is valued at $8 million. The firm paid $10.9 million for the property, records show.

• A multifamily complex at 2701 S.E. Peachtree Drive in Ankeny. The complex includes 16 apartment units with detached garages. The property is valued at$1.1 million. The New York firm paid $1.3 million for the property, records show.

• A complex at 404 and 408 Sandpiper Court in Polk City. The firm paid $4.4 million for the complex that includes 36 units in the two buildings.

• A complex at 220 and 250 N.E. Dartmoor Drive in Waukee. The property includes two buildings with 18 condominium units each. The buildings were constructed in 2003. The firm paid $4.7 million for the property.

The transactions were recorded on Nov. 24, Dec. 2 and Dec. 3.

The JLL team included David Gaines, Marcus Pitts, Justin Lossner, Michael Minard and Trent Niederberger.

“We continue to see savvy investors make long term ‘Bet-on-America” buys across the Midwest for prime multi-housing opportunities like the BBK Portfolio,” Gaines said in the news release. “These groups seek to acquire in strong markets like the Des Moines MSA with favorable demographic trends and a strong employment base.”

Hubbell Apartment Living, a division of Hubbell Realty Co., has been hired to manage the complexes. “We’re thrilled to partner with [Spruce],” a spokeswoman said. Hubbell Apartment Living began managing the complexes on Nov. 30.

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