A Chicago-based group has purchased the Cambridge Court apartment complex in West Des Moines, paying $23.3 million for the property, Polk County real estate records show.

The 192-unit complex, located at 1205 11th St. (pictured below) and developed in 1992, was purchased by Cambridge Iowa Owner LP, an entity managed by Artisan Capital Group. Artisan Capital partnered with Eastham Capital in purchasing the property, according to a release.

Northmarq, a full-service resource for commercial real estate investors with offices in St. Louis, arranged the sale, representing the CRES Management in the transaction, according to a news release. CRES Management, located in Kansas City, Mo., managed Cambridge Court Owner LLC, which previously owned the property.

Artisan Capital assumed an existing Freddie Mac loan as part of the transaction, according to a release. The loan has a 59% loan-to-value ratio and matures in 2030, providing a lower interest rate than is currently available in the market.

“Cambridge Court offered an excellent in-place Freddie Mac loan that the buyer will benefit from for the next seven years,” Parker Stewart, managing director of Northmarq, said in the release.

Ryan Cahalan, a partner at Artisan Capital Group, said in a release: “The ability to assume a loan with a below market rate in today’s challenging debt markets is one of the primary attributes of this investment.”

Artisan Management Group will oversee Cambridge Court’s operations. The new owners plan to renovate the complex’s one-, two-, and three-bedroom apartment units beginning this spring, the group said in a release.

Complex ammenities include a clubhouse, a 24-hour fitness center with spa, a dog park, garages and indoor/outdoor pools.

The property, located on 13.1 acres, was valued at $16.5 million in 2022. The transaction was recorded March 6.

In other transactions:

William Kimberley Development Corp., located in Ankeny, paid the Charles Campbell Revocable Trust just over $2 million for farmland in northern Polk County, records show. The transaction was recorded March 6.

Westport Center LLC, located in Waukee, paid the Forrest Ridgway Charitable Trust and Laura Ridgway Charitable Trust $6.45 million for property at 10411 Hickman Road in Urbandale, records show. The property, developed in 1989, includes a 68,333-square-foot neighborhood shopping center known as Westporte. The property, which includes 6.4 acres, was valued at $4.7 million in 2022. The transaction was recorded March 6.

I 80 Business Park II LLC, located Des Moines, paid Lemar Koethe $10.45 million for 80 acres of farm ground located east of Northeast 56th Street and about one-fourth of a mile south of Northeast 70th Avenue, records show. The transaction was recorded March 6.

KGJ Properties LLC, located in Asheville, N.C., paid First Link 3 LLC $1.29 million for property at 3261 E. Euclid Ave. in Des Moines, records show. The property, developed in 2005, includes an 8,064-square-foot building occupied by Family Dollar. The property is valued at $740,000. The transaction was recorded March 8.

2301 Rocklyn LLC, located in Waukee, paid Lucky Property Holdings LLC $700,000 for property at 2301 Rocklyn Drive in Urbandale, records show. The property includes a 4,038-square-foot building constructed in 1969. The property is valued at $224,000. The transaction was recorded March 9.

TBS Motor Sports LLC, based in Des Moines, paid TMK Properties LLC $900,000 for property at 1002 Second St. N.E. in Bondurant, records show. The 1.1-acre parcel includes a 9,120-square-foot building constructed in 2008. An auto repair shop occupies the building. Also on the property is a 1,200-square-foot mini warehouse. The property is valued at $778,000. The transaction was recorded March 10.

Yukon Holdings LLC paid Premier Crop Systems LLC $875,000 for property at 2200 Gannett Ave. in Des Moines, records show. The property includes a 5,760-square-foot office building constructed in 2003. The property is valued at $475,000. The transaction was recorded March 10.

Dallas County
Colorado entities purchase Maple Grove Villas in WDM
Two Colorado-based limited liability companies have purchased the Maple Grove Villas in West Des Moines, Dallas County real estate records show. HVG Maple Grove Associates LLS and Johnson Properties Maple Grove LLC paid Brisben Town Center Villas Limited Partnership $28.5 million for the property at 8603 Westown Parkway, records show. The nearly 24-acre parcel includes 240 townhouses spread over 31 buildings. The complex, developed in 2002, also includes and clubhouse and laundry building. The property in 2022 was valued at $21.7 million. The transaction was recorded March 8.

IA8 156th and Hickman LLC, based in Sioux Falls, S.D., paid Kum & Go LLC $1.2 million for six parcels of undeveloped land north of Hickman Road and west of Emerald Isle Drive in Clive, records show. The limited liability company has also acquired four residential properties along Emerald Isle Drive, records show. The transaction with Kum & Go was recorded March 18.