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NOTABLE TRANSACTIONS: Wellington apartments sold to N.Y. group for $44.8 million

A New York investment group has purchased the 240-unit Wellington Apartment complex  developed in 1990 in West Des Moines, Polk County real estate records show.

AMFP V Wellington LLC, managed by New York City-based Abacus Capital Group LLC, paid $44.8 million for the 16-building complex at 4700 E.P. True Parkway. The property’s previous owner was Illinois-based True Parkway LLC.

The 26.3-acre parcel, which includes a clubhouse and outdoor swimming pool, was valued at $19.2 million in 2021.

Founded in 2004, Abacus Capital Group buys, develops and redevelops, manages, and sells multifamily properties across the U.S, according to its website. The purchase of the Wellington Apartment complex appears to be the group’s first venture into Iowa.

The transaction was recorded Jan. 12.

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