CBRE Arranges Sale of 540-Unit Multifamily Portfolio in Greater Des Moines Suburbs

CBRE has arranged the sale of a two-property multifamily portfolio totaling 540 units in the Des Moines suburbs of Waukee and Johnston. The transaction ranks among the largest multifamily portfolio sales for the Iowa market.

CBRE’s Cy Fox, Ray Hamilton and Clark Matthews represented the sellers, ARTISAN Capital Group and MLG Capital, in the transaction.

“As one of the largest multifamily transactions in Iowa history, Alice Patricia and Sterling Pointe represented a rare institutional-scale investment opportunity in two of the state's most sought-after suburbs,” said Fox. “Combined with favorable assumable financing, the properties offered a highly attractive opportunity for investors despite a challenging capital markets environment. Investor demand for high-quality multifamily assets remains strong and transactions of this scale require tremendous teamwork and the highest level of advisory expertise.”

The portfolio includes Alice Patricia Apartments, located at 714 NE Alice's Road in Waukee, and Sterling Pointe Apartments, located at 10509 Dorset Drive in Johnston. Built between 2013 and 2020 and located less than eight miles apart, the properties offer convenient access to several major employment centers, retail locations and local schools.

“The successful outcome reflects the quality of the assets, the commitment of all parties involved and the capabilities of CBRE’s platform,” added Fox. “More importantly, this transaction serves as a strong endorsement of the long-term growth and fundamentals of the Des Moines metro.”