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NOTABLE TRANSACTIONS: Urbandale buys former hotel property along Douglas Avenue

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The city of Urbandale has acquired hotel property in the Douglas Avenue Corridor and plans to redevelop the 2-acre site, most likely with housing, city and county records show.

Econo Lodge Urbandale

The city bought the property at 10841 Douglas Ave. “for blight remediation purposes,” Curtis Brown, Urbandale’s assistant city manager, wrote in an email. The city acquired the property from Ambica21 LLC for $1.9 million. Until recently, an Econo Lodge operated on the property. It is now closed.

Urbandale’s recently approved comprehensive plan identified for redevelopment the area where the former motel property is located, Brown wrote. Redevelopment could include a variety of housing types, he wrote.

Numerous public safety calls have been made to the property in recent years, according to information provided the Urbandale City Council. Also, one of three buildings on the property was significantly damaged by fire in the spring. City inspectors said rooms in the building were not safe to occupy.

A real estate investment firm had proposed redeveloping the property for an affordable multifamily housing project. However, the project was unable to move forward in a timely manner. Instead, the city opted to acquire the property and redevelop it at a later date, Brown wrote.

The property is valued at $818,000. The transaction was recorded Sept. 6.

In other transactions:

Adventureland Village Partners LLC, based in Omaha, paid Adventureland Village Coop Housing Association $5.1 million for property at 807 14th Ave. N.W. in Altoona, Polk County real estate records show. The property includes two, three-story buildings, both constructed in 1977. Each building includes 24 apartment units. The property, which is valued at $5.5 million, also includes garages. The transaction was recorded Sept. 3.

Franklin Court Partners LLC, located in Omaha, paid FCA Investors LC and KC Franklin LLC $10.1 million for property at 4925 Franklin Ave. in Des Moines, records show. The 9.5-acre parcel includes the Franklin Court Apartments, a 172-unit complex built in 1950. The property is valued at $8.6 million. The transaction was recorded Sept. 3.

The Jeremy Hellickson Living Trust paid Jeremy and Christine Gosch $2.6 million for property at 14140 Maple Drive in Urbandale, records show. The property includes a 3,367-square-foot house that was built in 2022. Jeremy Hellickson, a former Major League Baseball player who graduated from Des Moines’ Hoover High School, recently sold a 4,954-square-foot house built in 2018 for $5.4 million. The house, built on 7 acres at 7280 Eldorado Point in West Des Moines, was acquired by Eldorado Point LLC in a transaction that was recorded Aug. 30 by the Dallas County Recorder. The transaction involving the residence in Urbandale was recorded Sept. 3.

Maxwell Apartments

Westco Maxwell LLC, located in Ramsey, Minn., paid Vast Properties 2900 LLC $9.85 million for property at 915 Mulberry St. in Des Moines, records show. The property includes the Maxwell Apartments, a five-story building with 62 units. The structure was built in 2016. The property is valued at $9.65 million. The transaction was recorded Sept. 3.

Altoona Terrace Partners LLC, located in Omaha, paid Altoona Terrace Cooperative Housing Association $5.9 million for properties at 1002 through 1108 Fourth St. S.W. in Altoona, records show. The properties each include three-story, 18-unit apartment buildings. The transaction was recorded Sept. 3.

Two limited liability companies and a trust have acquired property at 2220 20th Ave. N.W. in Altoona, records show. I-80 Investors LLC, a Kansas limited liability company; AQEC Glo-Rae LLC, a Missouri limited liability company; and the Kreutzer Trust paid Hawkeye Investment Partners I LLC $36.4 million for the property that includes a recently completed 314,940-square-foot warehouse. The parcel includes just over 18 acres. The property is valued at $29.5 million. The transaction was recorded Sept. 4.

Wendi Harris and Stuart Oxer paid Tyler and Angela Lainson $1.6 million for property at 6211 Enclave Circle in Johnston, records show. The property includes a two-story, 4,886 square-foot house built in 2015. The transaction was recorded Sept. 5.

Iowa Equity Exchange PRKG 3001 LLC, based in Basalt, Colo., paid Wies Bois Development LLC $4 million for property at 7500 S.W. 22nd St. in Des Moines, records show. The 2.6-acre parcel includes a 24,000-square-foot flex building and 12,000-square-foot warehouse, both built in 2022. The full value of the property is $2.4 million. The transaction was recorded Sept. 5.

505 Market Street LLC, located in Des Moines, paid Outcomes Holdings LLC $3.5 million for property at 505 Market St. in West Des Moines, records show. The property includes a three-story, 28,626-square-foot office and retail building constructed in 2007. The property is valued at $4.1 million.

Dallas County

The Waukee Community School District paid Dallas County Partners III LLC $1.8 million for property at 7210 Vista Drive in West Des Moines, Dallas County real estate records show. The 1-acre parcel includes a one-story, 6,510-square-foot building constructed in 1993. The building had been used for a child care center. The property is valued at just over $1 million. The transaction was recorded Aug. 28.

Robert and Angela Beaver paid Todd Kolbe $1.1 million for property at 1318 S. Wildfire Ave. in West Des Moines, records show. The property includes a two-story, 2,731-square-foot house built in 2021. The transaction was recorded Sept. 5.

Gregory Johnson paid Daniel Bradley just over $1 million for property at 3422 160th Circle in Urbandale, records show. The property includes a 3,116-square-foot house built in 2008. The transaction was recorded Sept. 3.

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Kathy A. Bolten

Kathy A. Bolten is a senior staff writer at Business Record. She covers real estate and development, workforce development, education, banking and finance, and housing.

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