JLL Capital Markets recently closed the $56.75 million sale and arranged $45.4 million in acquisition financing for a multi-housing portfolio consisting of six apartment communities in the suburbs of Des Moines, Iowa.
JLL worked on behalf of the seller, BBK Apartments, to complete the sale to the buyer, Spruce Properties. JLL also represented Spruce Properties to originate a 10-year, 2.77 percent, fixed-rate acquisition loan through Fannie Mae. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
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 being completed in phases between 2015-2017.
The JLL Capital Markets deal team representing the seller was led by David Gaines and included Marcus Pitts, Justin Lossner and Michael Minard. Financing was led by Trent Niederberger.