Residential 2022 Top Deals

$44.8 million
West Des Moines

AMFP V Wellington LLC, managed by New York City-based Abacus Capital Group LLC, paid 

True Parkway LLC $44.8 million for property at 4700 E.P. True Parkway. The purchase involved the acquisition of the 240-unit Wellington Apartment complex that was developed in 1990 on over 26 acres. The property in 2021 was valued at $19.2 million. The transaction was recorded Jan. 12, 2022. 

$35.3 million  |  Des Moines

MCP Capital LLC, a Miami-based real estate investment manager and operator, paid Hansen Co. Inc. $35.3 million for property at 240 E. Walnut St. in Des Moines. The property, known as City Square Lofts, includes a seven-story building designed by Invision Architecture and developed by Hanson Co. in 2016. The structure includes 124 units, a parking garage and a rooftop patio. The property was valued at $20.7 million in 2021. The transaction was recorded May 23.

$33.3 million  |  Grimes

Park View Village Iowa MHC LLC, located in Farmington Hills, Mich., paid Brenton Communities Fund X, Grimes IA LLC $33.3 million for property at 1900 S.E. 28th St. The property includes 66 acres on which Park View Mobile Home Park is located. The property’s 2021 value was $11 million. The transaction was recorded May 12.

$32.8 million  |  Des Moines

Spruce Properties, a New York City-based professional services firm that specializes in real estate and investment management, paid 2301 Ingersoll LLC $32.87 million for property at 2301 Ingersoll Ave. Spruce Properties bought the property through an entity it manages, Soll Owner LLC. The four-story, C-shaped building includes 165 apartment units spread over three levels as well as street-level commercial space. The property in 2021 was valued at $27.5 million. The transaction was recorded Nov. 3.

$24.8 million   |  Des Moines

Pacific Oak Capital Advisors, located in Los Angeles, paid Hubbell Realty Co. $24.8 million for the Vue apartment complex at 915 Ninth St. and 922 and 927 Eighth St. The Ninth Street property includes a four-story, 31-unit building constructed on a 0.6-acre parcel. The property in 2021 was valued at $3.9 million. The building at 922 Eighth St. includes 56 units; the one at 927 Eighth St. includes 24 units. Both buildings are four stories and the properties’ combined 2021 value was $14.6 million. The transaction was recorded Dec. 12.

$18.6 million  |  Des Moines

VareCo, a Denver, Colo.-based real estate investment group, paid a group of investors $18.6 million for property at 660 E. Fifth St. The property includes an 11-story apartment building known as the Lyon that includes 125 units. The property in 2021 was valued at $11.1 million. The property’s sellers include Paragon Investments LLC, Archangel Development LLC, Christensen Development I LLC, Troy Strawhecker, Theresa Strawhecker and Rizzuti Holdings II LLC. The transaction was recorded Oct. 18.

$18.1 million  |  Des Moines

Miami-based MCP Capital LLC paid Hansen Co. Inc. $18.1 million for property at 712 S.E. Sixth St. The property includes a seven-story apartment building constructed in 2017. The 95,384-square-foot building, called Eagle View Lofts, overlooks a portion of the Des Moines River where eagles congregate during the winter. In 2021, the building was valued at $13.1 million. The transaction was recorded May 23. 

$13.7 million  |  Altoona

A Meadows I LLC, located in West Des Moines, paid NCT-163 and NCT-164 LLC $13.7 million for properties at 615 17th Ave. N.W. and 619 17th Ave. N.W., both in Altoona. The property at 615 17th Ave. N.W. includes a three-story, 23-unit apartment building constructed in 1996. The property’s value in 2021 was $1.6 million. The property at 619 17th Ave. N.W. includes three three-story apartment buildings, with a total of 132 units. The buildings were also constructed in 1996. The property’s value in 2021 was $10.1 million. The transaction was recorded May 12.

$13 million  |  Des Moines

Bach Partners LLC, located in Kansas City, Mo., paid Broadway Heights Apartments LLC and Broadway Heights Apartments II LLC $13 million for property at 4216 E. 50th St. The property includes three three-story apartment buildings, each with 30 units. A clubhouse is also on the property. The complex was developed in 2013. The property in 2021 was valued at $9.2 million. The two Broadway Heights Apartments limited liability companies are managed by Hubbell Realty Co. The transaction was recorded March 15, 2022.

$12.6 million  |  Urbandale

Tricap Ashworth LLC and Coachville Ashford TIC LLC paid Patricia Residential Cooperative Inc. $12.6 million for property at 3600 Patricia Drive. The property includes four apartment buildings with over 100 units. The property in 2022 was valued at $10 million. The transaction was recorded Jan. 12, 2022.

Source: Polk and Dallas county assessors’ offices