Multifamily L Iowa

HFF sells 160-unit apartment community in West Des Moines

HFF sells 160-unit apartment community in West Des Moines,ph01

Holliday Fenoglio Fowler, L.P. closed the sale of Springs at Jordan Creek, a 160-unit, Class-A apartment community in West Des Moines, Iowa.

The HFF team marketed the property exclusively on behalf of the seller, Continental Properties, and procured the buyer, Milwaukee-based Mandel Group, Inc.

Springs at Jordan Creek is situated on 12.05 acres at 8655 Bridgewood Blvd. less than two miles south of Interstate 80 and approximately 13 miles southwest of downtown Des Moines. Set on park-like grounds, the garden-style property offers a mix of studio through three-bedroom residential units.

The property’s two-story, townhome-style units feature hardwood-style floors, granite countertops, stainless-steel appliances, island breakfast bars, soaking tubs, nine-foot ceilings, walk-in closets, and in-unit washers and dryers. Common area amenities include a swimming pool, 24-hour fitness center, clubhouse, business center, coffee bar and a leash-free pet playground. Springs at Jordan Creek was 96 percent occupied at closing.

The HFF investment advisory team representing the seller included senior director David Gaines and senior managing director Sean Fogarty along with managing director Jules Sherwood, a licensed Iowa real estate broker.