CRES Management Sells 192-Unit Iowa Asset
The buyer assumed a $13.8 million Freddie Mac loan maturing in 2030.
CRES Management has sold Cambridge Court Apartments, a 192-unit multifamily community in West Des Moines, Iowa, with the assistance of Northmarq.
The asset previously traded in 2020, when CRES acquired it from Hayloft Property Management with the help of a $13.8 million Freddie Mac loan from Grandbridge, according to Yardi Matrix data. In the current transaction, the buyer assumed the existing financing that has a 59 percent loan-to-value ratio and is set to mature in 2030.
Completed in 1992, the community comprises three buildings with one-, two- and three-bedroom floorplans ranging from 723 to 1,340 square feet. Apartments feature walk-in closets and in-unit washers and dryers, available depending on the layout. Common-area amenities encompass a fitness center, a tennis court, two swimming pools, a spa with sauna and a dog park.
Located at 1225 11th St., the asset is close to Interstate 235, roughly 6 miles west of downtown Des Moines and 8 miles from the Des Moines International Airport. Several retail and dining options are within walking distance.
Senior Vice President Dominic Martinez and Managing Director Parker Stewart, along with Associate Anthony Martinez, led the Northmarq team that represented CRES. Stewart and Dominic Martinez were recently instrumental in the sale of a 456-unit property in Kansas City, Mo.