NOTABLE TRANSACTIONS: Bici Flats apartment complex sold to out-of-state investors

NOTABLE TRANSACTIONS: Bici Flats apartment complex sold to out-of-state investors

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BPC Staff | Aug 4, 2021 | 4:01 am |

3 min read time

Bici Flats, a three-building apartment complex developed by Nelson Construction & Development between 2016 and 2017, has been sold to out-of-state investors for $22.5 million, Polk County real estate records show.

The complex includes 152 apartment units spread over the three four-story buildings. The 6.3-acre complex is just south of the Des Moines River on Southeast First Street.

The property is valued at $18.9 million. The transaction was recorded July 30.

Buyers include:

• Bici Flats Investors LLC, a Kansas limited liability company with a 47.9% interest in the property.
• Plug Property Group LLC, a Missouri limited liability company with a 26% interest in the property.
• McMann Property Management IV LLC, a Missouri limited liability company with an 11.6% interest in the property.
• FCubed DSM Bici LLC, a Missouri limited liability company with an 11.6% interest in the property.
• 4700 Associates I LLC, a Missouri limited liability company with a 2.9% interest in the property.

The name of the complex appears to have been changed to the Residences at River View. The complex, according to its website, is managed by Block Multifamily Group, based in Kansas City.

In other transactions:

Kun Great LLC, based in Dover, Del., paid Ever Grand Farm LLC $3.2 million for 154 acres south of Northeast 86th Avenue and east of Northeast 64th Street in Douglas Township, records show. The property, classified as agricultural, is in the Bondurant-Farrar school district. The transaction was recorded July 23.

Master Builders of Iowa Inc. paid 4100 Westown LLC $1.75 million for property at 4100 Westown Parkway in West Des Moines, records show. The property includes a 12,240-square-foot building with brick veneer that was constructed in 2003. The property is valued at $1.85 million. The transaction was recorded July 27.

Hom Investments 6 LLC, located in Des Moines, paid 740 18th St LLC $2.2 million for property at 732 and 740 18th St. in Des Moines, records show. The property at 732 18th St. (pictured at right) includes a five-story apartment building constructed in 1919. The high-rise, known as the Concord Apartments, includes 41 units. The property is valued at $1.35 million. The property at 740 18th St. includes a 7,501-square foot building, part of which is two stories. The building, constructed in 1919, includes an apartment unit and office space. The property is valued at $94,600. The transaction was recorded July 28.

Hope K Farms LLC, located in West Des Moines, paid DRA Properties LC $2.5 million for 60.5 acres in the north side of Northeast 126th Avenue between Ankeny Boulevard and Northeast 22nd Street, records show. The land is undeveloped. The transaction was recorded July 29.

Boone-based Fareway Stores Inc. has purchased nearly 8 acres on the northwest corner of Hickman Road and Northwest 161st Street in Clive, Dallas County real estate records show. The grocer paid entities managed by developer Stephen R. Grubb $1.79 million for the undeveloped ground. Grubb has owned the parcels, located at 2315 and 2385 N.W. 161st St. and 15935 Hickman Road, since 2002, records show. Fareway has proposed building a 24,247-square-foot store on the site, according to a preliminary site plan submitted to Clive in June. The Planning and Zoning Commission is expected to review the proposed site plan at its September meeting, according to a city official. The transaction between Fareway and Grubb was recorded July 28.

Jordan Creek Point LLC, located in West Des Moines, paid Dallas County Farms Co. Inc. $4.85 million for vacant ground located on the southwest corner of E.P. True Parkway and 68th Street in West Des Moines, records show. The parcel, classified as agriculture, includes 10.3 acres. The transaction was recorded July 27.

Sunrise Drive Investments LLC paid Bennett Bay Investments LLC $1 million for property at 222 N.W. Sunrise Drive in Waukee, records show. The property includes a 15,200-square-foot wood-frame warehouse constructed in 2020. The building includes 18,870 square feet and was designed to include office and warehouse space. The transaction was recorded July 27.

BPC Staff

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