CRE L Iowa

Marcus & Millichap closes apartment sale for $2.9 million in Iowa

Marcus & Millichap Real Estate Investment Services recently closed the sale of Woodland Apartments, a 60-unit apartment property located in West Des Moines, Iowa. The asset commanded a sales price of $2.9 million.

Marcus & Millichap Real Estate Investment Services recently closed the sale of Woodland Apartments, a 60-unit apartment property located in West Des Moines, Iowa. The asset commanded a sales price of $2.9 million.

Thomas DeWaay, an investment specialist in Marcus & Millichap’s Des Moines office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by DeWaay.

Woodland Apartments is located at 4949 Woodland Ave. in West Des Moines. The property, which was built in 1984, was 89-percent occupied at the time of purchase and traded at an 8.25 percent cap rate.