JLL Capital Markets closed the $56.75-million sale and arranged $45.4 million in acquisition financing for a multifamily portfolio consisting of six apartment communities in the suburbs of Des Moines, IA. JLL worked on behalf of the seller, BBK Apartments, to complete the sale to the buyer, Spruce Properties.
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.
The JLL Capital Markets deal team representing BBK was led by David Gaines and included Marcus Pitts, Justin Lossner and Michael Minard. JLL also represented Spruce Properties to originate a 10-year, 2.77%, fixed-rate acquisition loan through Fannie Mae. Financing was led by Trent Niederberger.
“We continue to see savvy investors make long-term “BET-ON-AMERICA” buys across the Midwest for prime multi-housing opportunities like the BBK Portfolio,” said Gaines.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).