AABP EP Awards 728x90

NOTABLE TRANSACTIONS: California group pays $28.6 million for apartment complex

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

A California group paid $28.6 million for Signature Place Apartments in West Des Moines. The photo shows one of the buildings in the complex. Photo provided by Polk County assessor
A real estate investment trust based in California paid SM Signature Place LLC $28.6 million for a West Des Moines apartment complex, Polk County real estate records show.

The complex, Signature Place Apartments at 210 S. Prairie View Drive, includes 261 units spread over seven three-story buildings. The complex, constructed in 1997, includes garages as well.

The real estate trust fund, VA7 Jordan Creek LLC,is based in Irvine, Calif.

Local real estate developers, in a recent panel discussion, noted that out-of-state investors are increasingly eyeing Iowa as a financially sound place in which to invest their money.

The property in 2019 was valued at $19.6 million. The transaction was recorded March 5.

Hy-Vee buys land in Urbandale for Fast & Fresh

Hy-Vee Inc. paid Knapp & Associates LC $1.3 million for 7.1 acres at Douglas Parkway and 142nd Street in Urbandale, records show. The West Des Moines-based grocer plans to build a 6,600-square-foot Fast & Fresh convenience store with gas pumps on the site. Fast & Fresh stores sell dairy, meat and bakery items and fresh produce as well as pantry staples and frozen foods. The store will also include a 2,000-square-foot Smokey Row coffee shop with drive-thru. The site plan for the project has not yet received final approval from the city. The undeveloped land in 2019 was valued at $6,930. The transaction was recorded March 3.

In other real estate transactions:

Jerry’s Homes Inc. paid Absolute Farms LLC $1.2 million for 33 acres of farm ground northwest of the intersection of Northeast 27th Avenue and Northeast 72nd Street in Altoona, real estate records show. The property in 2020 was valued at $45,570. The transaction was recorded Feb. 26.

Kelcey Brown and Adam Rothert paid RRC Investment Holdings LLC $1 million for property at 325 45th St. in Des Moines, records show. A 3,508-square-foot house, built in 1942, sits on the 1-acre site. The property was valued at $626,500 in 2020. The transaction was recorded March 2.

Lineage Logistics LLC paid Franzen Altoona I-80 Partnership $1.5 million for 8 acres located east of Adventureland Park at 1570 11th Ave. N.E. in Altoona, records show. The property in 2020 was valued at $753,000. The transaction was recorded March 2.

Iowa Motor Truck Transport Inc. paid Rasmussen Land Co. LLC $2 million for property at 5043 N.E. 22nd St. in Des Moines, records show. The 6-acre parcel includes multiple buildings including warehouses and office space. The property in 2020 was valued at $937,000. The transaction was recorded Mar. 2.

Thomas Ruan paid the Adam Ruan 1972 Resulting Trust $1.8 million for a property at 4111 Tonawanda Drive in Des Moines, records show. The property is just east of the Salisbury House and Gardens. The property includes 2.3 acres and a 7,296-square-foot house built in 2019. In 2020, the property’s partial value was $239,000. The transaction was recorded March 2.

Chesterfield Estates LLC paid Vogel Land LLC $1 million for 30 acres of farm ground located at 10599 N.W. 78th Ave. in Johnston, records show. The property includes a 1,624-square-foot house as well as 10 detached structures. The structures include multiple stables, a garage and a barn. The property in 2020 was valued at $224,460. The transaction was recorded March 2.

Silverado Farms LLC paid Grapnel Properties LLC $2.1 million for property at 12951 University Ave. in Clive, records show. The 0.7 acre includes a two-story office building with brick veneer exterior. The 16,468-square-foot building was constructed in 2007. The property in 2020 was valued at $2.2 million. The transaction was recorded March 2.

JP Morgan Chase Bank paid 4 G Properties II LLC $1.7 million for a property at 3621 Merle Hay Road in Des Moines, records show. The 1.1 acres southeast of Merle Hay Mall includes a 3,414-square-foot building constructed in 2012. A fast-food restaurant previously operated in the building. The property in 2020 was valued at $1.1 million in 2020. The transaction was recorded on March 4.

McKee Auto Center Inc. paid Imperial Properties Inc. $1 million for three properties in Des Moines, records show. The properties are at 2423 Euclid Ave. and at 4131 and 4141 E. 14th St. The half-acre parcel at 2423 Euclid Ave. includes a 3,008-square-foot building constructed in 1985. A 9,600-square-foot building built in 2005 is located on the property at 4131 E. 14th St. and the building at 4141 E. 14th St. includes a 5,708-square-foot structure, built in 1960. The combined value of the three properties in 2020 was $1.2 million. The transaction was recorded on March 5.

Fleetpark 101 IA LLC paid Randall and Karen Mourot $1.9 million for property at 3408 101st St. in Urbandale, records show. The property includes a 13,014-square-foot warehouse built in 1995. The property in 2019 was valued at $2 million. The transaction was recorded March 3.

Clayton Properties Group LLC, based in Lee’s Summit, Mo., paid Stratford Crossing LLC $2 million for five lots in northwest Waukee, Dallas County real estate records show. The lots are at 1282 N.W. Bennington Drive and 1229, 1235, 1241 and 1247 N.W. Yorktown Drive. The transaction was recorded March 3.