A California investment company that specializes in the purchase of Class B and C apartments that need value addition has purchased an apartment complex in Ankeny, Polk County real estate records show.

Pine Tree Flats LLC, managed by Zovest Capital LLC in Cupertino, Calif., paid Ankeny Pine LLC $3.7 million for property at 1713 N.W. Pine Road in Ankeny, records show.

The 3.2-acre property in Ankeny includes five apartment buildings, all with brick veneer and constructed in 1975. The complex includes 52 one- and two-bedroom units.

The property is valued at $3.4 million.

Shana Patrick and Max Colby, real estate brokers with CBRE|Hubbell Commercial, represented the buyer and seller in the transaction, which was recorded Oct. 25.

In other transactions:

MoTiff LLC paid Benskin Bros. Inc. $1.5 million for properties at 323 and 339 S.W. Sixth St. in Des Moines, records show. The property at 323 S.W. Sixth St. includes a 1,922-square-foot warehouse occupied by Des Moines Public Housing. Also on the site is 1,800 square feet of warehouse space and an approximately 7,000-square-foot auto repair shop. The property at 339 S.W. Sixth St. includes a 9,977-square-foot structure occupied by Darwin Impressions & T-shirt Graphics. The properties have a combined value of $1 million. The transaction was recorded Oct. 26.

Agree Eastern LLC, based in Bloomfield Hills, Mich., paid New York-based Brixmor Holdings 10 SPE LLC $1.8 million for property at 4040 Merle Hay Road in Des Moines, records show. The nearly 1-acre parcel includes a 5,103-square-foot structure built in 2016 and occupied by a Chick-Fil-A restaurant. Other structures include a concrete patio and a garage. The property is valued at $1.5 million. The transaction was recorded Oct. 28.

Grand Ventures LLC, based in Des Moines, paid DSGS 2 LLC $2.2 million for property at 4585 156th St. in Urbandale, Dallas County real estate records show. The 1.6-acre property includes a 3,358-square foot Kum & Go convenience store and 18 fuel pump stations, all built in 2005. The property is valued at $1.3 million. The transaction was recorded Oct. 22.

Clayton Properties Group Inc., based in Missouri, paid Stratford Crossing LLC $1.1 million for 14 single-family lots in the Stratford Crossing development in Waukee, records show. The lots purchased are located on Northwest Brandywine Lane and Northwest Georgetown Drive. The transaction was recorded Oct. 25.

Biltmore West LLC, based in Urbandale, paid Daniel and David Kargarzadeh of West Des Moines $3.9 million for 39 acres of farmland in Urbandale, records show. The property is valued at $56,400. The transaction was recorded Oct. 25.

Jerry’s Homes paid Prairie Rose Waukee LLC $1.2 million for 17 single-family lots in the Prairie Rose development in Waukee, records show. The lots purchased are located along Northwest Fox Run Trail. The transaction was recorded Oct. 27.

Hubbell Homes LC paid Hamilton Ridge LLC $1.5 million for 25 single-family lots in the Hamilton Ridge development in Waukee, records show. The lots purchased are located on Hamilton Road and Darling Road. The transaction was recorded Oct. 28.

Eric Barlow and Tracy Ramaeker paid Oakstone Homes $1 million for property at 3612 N.W. 178th Court in Clive, records show. The property includes a 3,265-square-foot single-family house constructed in 2021The transaction was recorded Oct. 29.