Roers mixes it up in Greater Des Moines
KENT DARR Mar 21, 2018 | 10:37 pm
1 min read time245 wordsAll Latest News, Real Estate & Development
Minnesota-based Roers Investments is spreading its mix of multifamily offerings in Des Moines, having recently purchased the 203-unit Royal Oaks Apartment complex at 2400 Hickman Road.
Roers has gained a reputation for developing multifamily and mixed-use properties in downtown Des Moines and along Ingersoll Avenue where the firm is pushing the high-rent barrier. The 211-unit Confluence on 3rd apartments opened last year with attention-grabbing rents at or above $2 per square foot or 60 cents per square foot higher than standard market-rate rents. As of Tuesday, just 3 percent of the apartments were vacant.
The company will open the 90-unit Flux Apartments in May at 1400 Walnut St. and follow it with the opening in June of the 165-unit Soll complex at 2301 Ingersoll Ave. The development includes 13,000 square feet of retail space.
Royal Oaks, on the other hand, is what would be described as an older, Class C, apartment complex. Kent Roers, co-owner of the firm along with brother, Brian, said the complex provides an opportunity for Roers to offer a range of rental rates in Greater Des Moines.
“We are renting two bedrooms downtown for $2,200; here (at Royal Oaks) we can rent a two-bedroom unit for $700,” he said.
The company will do minor upgrades, such as changing paint colors and possibly adding a fitness room. Roers said the the property had been well maintained.
Roers Investments paid $7.1 million to Fargo, N.D.-based Royal Oaks Partners LLC on March 7.