JV Pays $58M for Brand-New Iowa Apartments
- Jul 12, 2018
A joint venture between Besyata Investment Group and The Scharf Group has acquired the newly constructed Autumn Ridge Apartments near Des Moines, Iowa, for $58 million. This transaction follows an acquisition by the two firms in March.
Eastern Union’s Managing Director Jeff Seidenfeld arranged a $27.5 million, 85 percent LTV bridge loan with Greystone for the first phase of this fractured condo acquisition, which comprises 236 units. BH Management will oversee the day-to-day operations of the asset.
An HFF team brokered the sale of the community.
The seller, Kimberley Development, began construction on the luxury community in 2015, funded by a $20 million construction line of credit from TruBank, according to Yardi Matrix.
Located at 1150 S.E. Olson Drive in Waukee, the community’s 13 two- and three-story buildings are positioned less than 3 miles north of Interstate 80, about 15 miles west of downtown Des Moines. The Hickman Road retail corridor, offering a variety of shopping and dining options, is a mile away.
The property contains one-, two- and three-bedroom apartments, ranging in size from 845 to 1,307 square feet. The community’s amenity mix includes a fitness center, a clubhouse and a swimming pool. Residents have access to free parking, and a limited number of garage spaces are available in each building.
Image courtesy of Besyata Investment Group