Four Mile Capital has acquired The Bricks Waukee East, a 216-unit multifamily community in Waukee, Iowa, a suburb of Des Moines, in an off-market transaction.
Bricks, completed in 2017 and sitting on 9.2 acres, consists of one- and two-bedroom apartment units and has a competitive amenity package, including a pool and fitness center. BH Management, based in Des Moines, has been awarded the management contract, its second with FMC.
The transaction closed Dec. 5 for $25 million, or $115,741 per unit and $155 per square foot. As part of its acquisition, new ownership placed a new non-recourse 65-percent-LTV fixed-rate mortgage at 3.625 percent from Luana Savings Bank, based in Iowa.
The property is 20 minutes from downtown Des Moines, 25 minutes to DSM International Airport, 10 minutes to the Jordan Creek Town Center mall, the premier retail destination in the metro, and five minutes from a newly approved 40-acre, $80 million mixed-use entertainment district opening in 2021.
FMC now owns about 450 units in the MSA and is looking to add more.