Northmarq’s Midwest investment sales team led by Parker Stewart, managing director, Dominic Martinez, senior vice president, and Anthony Martinez, associate, arranged the sale of Cambridge Court Apartments, a 192-unit multifamily property in West Des Moines, Iowa.
Northmarq represented the seller, CRES Management, in the transaction.
The buyer assumed the existing Freddie Mac loan as part of the transaction. The loan has a 59% LTV and is maturing in 2030, providing a lower interest rate than currently available in the market.
Cambridge Court, built in 1992, is in close proximity to major employers including the Hy-Vee Headquarters, Wells Fargo Home Mortgage and Athene USA. Walnut Center, Gateway Center and Grand Junction Shopping Center offer residents a variety of retail options in less than 1.2 miles.
West Des Moines is also home to the new 88-acre Des Moines University Medical campus, which is scheduled to open in 2023.