NAS Investment Solutions Buys Iowa Community

Hubbell Realty developed the 2015-completed property.

National Asset Services Investment Solutions has purchased Broadway Apartments, a 120-unit three-story multifamily property in Des Moines, Iowa. The previous owner was Hubbell Realty, according to Yardi Matrix information, which developed the property between 2013 and 2015. Several loans from U.S. Bank and Iowa Savings Bank, amounting to $18.1 million, financed the project.

The community features one- to three-bedroom floorplans ranging from 630 to 1,158 square feet. Apartments include kitchen islands, patios and balconies, as well as dishwashers. Common-area amenities comprise a fitness center, clubhouse, dog park, theater room, garden and playground.

Located on 7.8 acres at 4216 NE 50th St., Broadway Apartments is within 5 miles from interstates 235 and 80, as well as less than a mile from U.S. Route 65. Employers such as Amazon, Dee Zee, UnityPoint Health and Vermeer Corporation are all within 7 miles. Outlets of Des Moines, encompassing some 60 stores, is less than 3 miles away.

Defrosting Des Moines

Des Moines’ transactional realm has held its ground, with more than 1,700 units changing hands in 2023. The investment volume witnessed a slight decrease from 2022’s transactions, which totaled north of 1,900 units, according to Yardi Matrix data.

One of the 2023 sales involved Thompson Thrift’s only Iowa residential property, a 176-unit multifamily community in West Des Moines that changed hands last February. Watermark at Jordan Creek had also come online in 2015.

However, the market appears to be thawing, with the first two months of this year registering a sales volume in excess of 500 units, the same source shows. In the same period of 2023, less than 250 units traded.

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