Minneapolis-based Timberland Partners has acquired Prairie Lakes, an apartment community in Ankeny, Iowa. Timberland Partners now owns and manages 62 apartment communities totaling nearly 12,000 apartment units in its portfolio spanning 12 states.
This is the eighth property Timberland Partners now owns in the Iowa market. The 92-unit acquisition was funded from Timberland Partners Investment Fund V, LLC. This represents the 10th and final acquisition of fund five, which now holds a grand total of 2,135 units.
Timberland plans several improvements for Prairie Lakes, which was built in 2013, including a clubhouse remodel and the addition of an outdoor community space with resort-style grill stations and seating areas. Landscaping enhancements and the addition of a new dog park will also be part of the site’s improvement plans.
The seller was represented by Matt Bukhshtaber with CBRE’s office based in St. Louis.