Spruce Properties paid $56.75 million for a multi-housing portfolio consisting of six apartment communities in the suburbs of Des Moines, Iowa.
BBK Apartments was the seller.
This marks Spruce Properties’ first acquisition in Iowa. The portfolio includes Lake Shore, Lake Shore Park, Lake Shore Place and Peachtree Apartments in Ankeny; Saylorville Lakeside in Polk City; and Sunrise Meadows in Waukee. Assets in the portfolio range in age from 1970s to early 2000s construction, with the newly constructed Lake Shore completed in phases between 2015 and 2017.
“We continue to see savvy investors make long term ‘BET-ON-AMERICA’ buys across the Midwest for prime multi-housing opportunities like the BBK Portfolio,” said David Gaines from JLL Capital Markets, which represented the sellers. “These groups seek to acquire in strong markets like the Des Moines MSA with favorable demographic trends and a strong employment base. Multi-housing real estate assets lik
