RESIDENTIAL TOP DEALS OF 2021

$46.6 million
Grimes

The Summit at Heritage LLC, managed by Indianapolis-based Nantucket Cove Investments LLC, paid DR Horton-Iowa LLC $46.6 million for property at 1704 N.E. Gateway Court in Grimes that includes a 309-unit apartment complex. The complex, built on 15 acres, includes six three-story apartment buildings. The transaction occurred Sept. 10, 2021.

$40.7 million
Des Moines
District SPE LLC paid District at 6th LLC $40.7 million for property at 201 S.E. Sixth St. in Des Moines that includes a 213-unit apartment building. District SPE LLC is managed by Four Mile Capital, a privately owned real estate investment firm in Louisville, Colo. The transaction occurred Oct. 1, 2021.  

$36 million
Des Moines
Dakota UPREIT Limited Partnership, a real estate investment trust based in Fargo, N.D., paid Jackson Cross LLC $36 million for property at 100 Jackson Ave. in Des Moines that includes a 244-unit apartment complex. Developed beginning in 2016, the complex had been owned by local developers Jake Christensen, Jim Cownie and Paul Hayes. The transaction occurred Aug, 27, 2021.

$28.6 million
West Des Moines
VA7 Jordan Creek LLC, a real estate investment trust based in Irvine, Calif., paid SM Signature Place LLC $28.6 million for property at 210 S. Prairie View Drive in West Des Moines. The property includes seven three-story buildings with a total of 261 units. The transaction occurred Feb. 26, 2021. 

$27.3 million
Des Moines
Velocity TIC Owner I LLC and Velocity TIC Owner II LLC, both managed by New York-based VV Investor Holdings LLC, paid Bridge District LLC $27.3 million for property at 200 Des Moines St. in Des Moines. Bridge District LLC is managed by Hubbell Realty Co. The four-story apartment building, constructed in 2018, includes 115 units. The transaction occurred Dec. 14, 2021.

$26 million
Johnston
A group of investors paid Cadence Apartments LLC and Cadence Apartments II LLC, both managed by Hubbell Realty Co., $26 million for property at 6300 Merle Hay Road in Johnston. The property includes a 200-unit apartment complex constructed in 2016. The buyers include Cadence Johnston Owner LLC, based in Chicago; EJ-Cadence Apt. LLC; and Cadence Apartments Iowa LLC. The transaction occurred March 19, 2021.  

$23.7 million
Des Moines
Verve TIC Owner I LLC and Verve TIC Owner II LLC paid Bridge District Verve LLC $23.7 million for property at 225 E. Center St. in Des Moines. Bridge District Verve is managed by Hubbell Realty Co. The five-story apartment building, constructed in 2018, includes 128 units. The transaction occurred Dec. 13, 2021.

$22.5 million
Des Moines
Out-of-state buyers paid Bici Flats LLC, managed by Nelson Construction & Development, $22.5 million for property at 1405 S.E. First St. in Des Moines. The property includes a three-building apartment complex with 152 units. Buyers include Bici Flats Investors LLC, a Kansas limited liability company; and Plug Property Group LLC, McMann Property Management IV LLC, FCubed DSM Bici LLC, and 4700 Associates I LLC, all Missouri limited liability companies. The transaction occurred July 28, 2021.  

$19 million
Urbandale
IRC III LLC, located in Omaha, paid Deerfield Retirement Community $19 million for the property located at 13731 Hickman Road in Urbandale. The 45-acre parcel includes over 30 townhouses designed for independent living and a three-story, 244-unit continuing care facility. The transaction occurred July 29, 2021.

$18.1 million
West Des Moines
Elite Lodge of Ashworth LLC, located in Spring Valley, N.Y., paid the Lodge of Ashworth Inc. $18.1 million for nearly 11 acres at 909 and 1015 Ashworth Road in West Des Moines. The property includes the Lodge of Ashworth, a retirement community developed in the mid-1980s by the Colby family. The transaction occurred Dec. 9, 2021.