Des Moines Sale Demonstrates Value of Self-Storage Sector

Marcus & Millichap arranged the sale of Urban Heights Storage, a 54,095-square-foot self-storage facility located in the Des Moines, IA metro area. The sale price wasn’t disclosed. 

George R. Kondracke, Brian Kelly, Brett R. Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap’s Columbus office in partnership with Brad Vander Linden, The Linden Company, marketed the property for the seller, a limited liability company. Jon Ruzicka, Iowa broker of record, assisted in closing this transaction. 

“Despite today’s interest rate environment, this closing proves that storage is still very desirable, and investors are still willing to pay strong prices,” said Kondracke. “While many people wait on the sidelines, savvy investors are still able to pay a strong price and find good value – a win-win for both seller and buyer.” 

Urban Heights Storage is located about five miles from downtown Des Moines in Urbandale, IA. The facility was delivered in 2020. 

Photo courtesy of Yardi Matrix.

Join the leaders and dealmakers when they explore the most important topics and trends at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register to attend to network with the best in the industry and sit in on discussions you won’t hear anywhere else. Early Bird Registration Ends April 19.