NOTABLE TRANSACTIONS: Local company buys 134 Des Moines rental properties for $12.8 million
The single-family properties are mostly located in the east, south, north and central parts of Des Moines. The average purchase price of each property was $95,746. To see a list of the properties purchased, click here.
Swift Properties, which began operating in 2015, purchased the properties from Johnston-based EPC LLC. In 2020, Swift Properties owned 230 rental properties, CEO Chase Gochnauer said in an interview.
The purchase was financed with a $21.4 mortgage from First National Bank of Ames, according to Polk County recorder records.
The transaction was recorded Dec. 30.
In a related transaction,Dolgen Plaza Tampa Partners LP and SGG Tucson LLC, located in Westlake Village, Calif., paid EPC LLC $4.9 million for 25 one- and two-story duplex properties, all located in Des Moines, records show. The residential properties are located along East Caulder Avenue, East Pleasant View Drive, and Southeast 17th Street. The transaction was recorded Dec. 28.
In other transactions:
111 5th LLC, managed by developers Tim Rypma and Scott Cutler, paid Ronald and Susan Stookey $702,500 for property at 111 Fifth St. in West Des Moines, records show. The property includes a 5,672-square-foot building constructed in 1935. The building will be razed and replaced with a one-story structure with a brick facade, according to plans shared in October with a West Des Moines City Council subcommittee. A restaurant and retail space are planned in the new building. (The rendering by Substance Architecture shows a view of the building looking northeast on Fifth Street.) The transaction was recorded Dec. 28.
STAG Industrial Holdings LLC, a real estate investment trust based in Boston, paid IIP Des Moines Ia LLC $13.17 million for property located at 3915 Delaware Ave. Des Moines, records show. The property includes a 181,492-square-foot warehouse constructed in in 1991. This is STAG Industrial Holding’s second large Des Moines-area real estate purchase in the past month. In December, the REIT bought property in Ankeny that included a recently completed Class A warehouse. STAG’s most recent transaction was recorded Dec. 28.
SAIA Motor Freight Line LLC, based in Johns Creek, Ga., paid JHTK LLC $950,000 for undeveloped land at 2287 N.E. 54th Ave. in Dees Moines, records show. The 5.5-acre parcel is valued at $316,000. The transaction was recorded Dec. 28.
The Gables LLC, based in Des Moines, paid M2C Investments LLC $585,000 for property at 1621 Ninth St. in Des Moines, records show. The property includes a three-story, 12,015-square-foot apartment building located in the River Bend history district. The building, constructed in 1916, includes 15 apartment buildings. The property is valued at $382,000. M2C Investments, located in Carlsbad, Calif., purchased the property in July 2020 for $545,000. This is the fourth sale of the property since 2017, records show. The most recent transaction was recorded Dec. 28.
Clayton Properties Group Inc., located in Waukee, paid Quail Run II LLC $1.84 million for 23 residential building lots in Bondurant, records show. The lots are generally located along Creekside Drive Southwest and Chayse Street Southwest. To see the list of addresses, click here. The transaction was recorded Dec. 29.
Real Estate Holdings I LLC paid Summas LC $600,000 for property at 6106 N.W. 86th Street in Johnston, records show. The property includes a 4,259-square-foot medical office building. The property is valued at $773,000. In a related transaction, Real Estate Holdings I LLC paid Summas LC $900,000 for property at 7180 Hickman Road in Windsor Heights, records show. The property includes a 1,640-square-foot medical office building constructed in 1976. The property is valued at $407,000. The transactions were recorded Dec. 29.
OJK Holdings LLC, based in Ankeny, paid 1605 N Ankeny Blvd. LLC $1.3 million for property at 1605 N. Ankeny Blvd. in Ankeny, records show. The property includes a one-story, 15,200-square-foot office building constructed in 1994. The property is valued at $1.03 million. The transaction was recorded Dec. 29.
Grand Heights Apartments LLC, based in Carroll, paid 15th St. Apartments LLC $2.64 million for property at 3315 E. 15th St. in Des Moines, records show. The property includes five two-story apartment buildings. Four of the buildings were built in 1958; one was constructed in 1995. The complex includes 49 apartment units. The property is valued at $1.62 million. The transaction was recorded Dec. 29 records show. The farm ground is located north of Northeast 142nd Avenue and east of Northeast 88th Street. The transaction was recorded Dec. 30.
Splash Express LLC paid Hope K Farms LLC $723,855 for undeveloped property at 301 N.E. Cypress Drive in Grimes, records show. The transaction was recorded Dec. 30..
The real estate transactions from Polk and Dallas counties include information about transactions of $1 million or more including the sale of single-family houses as well as other transactions of interest.
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