JLL Capital Markets closed the sale of Signature Place, a 261-home, garden-style apartment community in West Des Moines, Iowa.
The sale involved the assumption of the existing Fannie Mae debt that was originated by JLL in 2016 and assumed by the buyer.
JLL worked on behalf of the seller, ARTISAN Capital Group, LLC, to complete the sale to the buyer, a West Coast-based equity group.
Signature Place consists of 261 apartment homes among 12 buildings with one-, two- and three-bedroom home options. About 16 percent of the units have been renovated with vinyl plank flooring, stainless steel appliances, resurfaced countertops and upgraded plumbing, lighting and electrical fixtures. The buyer has the opportunity to upgrade the remaining 84 percent of units.
Signature Place also offers an array of community amenities including a swimming pool with sundeck, clubhouse with fireplace, 24-hour fitness center, dog park, pet washing station and business center.
The property is located at 210 S. Prairie View Drive and provides accessibility to Des Moines’ major employers, including its renowned insurance and finance hub, where more than 80 insurance companies are headquartered.
The JLL Capital Markets team representing the seller was led by Senior Director David Gaines and Director Kyle Butler, along with Managing Directors Marcus Pitts and Justin Lossner and Vice President Mike Minard of the firm’s Des Moines office.
