An $8.3 million historic renovation is planned for three multifamily apartment buildings located at 2801 Grand Ave. The apartments were recently purchased by Reagan Partners LLC. Architectural rendering by Goche Inclusions LLC

 

Plans by a local development group for an $8.3 million historic renovation of three apartment buildings in the 2800 block of Grand Avenue are moving forward.

Reagan Partners LLC paid Acadian Ingersoll LLC $3 million for the property at 2801, 2807 and 2815 Grand Ave. in Des Moines, Polk County real estate transaction records show. The property includes three apartment buildings that were constructed between 1917 and 1921, records show. 

Reagan Partners, whose members include Tim Rypma, Paul Cownie and Jeremy Cortright, plans renovate the buildings, which include 47 efficiency and one-bedroom apartments. Renovations are expected to include rehabilitation of historic windows and replacement of vinyl ones, repairs to the exterior masonry, and roof replacements. Interior renovations are planned as well. 

In June, the city of Des Moines’ Urban Design Review Board approved the final designs of the project as well as a financial assistance package that includes that includes tax increment financing incentives over 13 years capped at $1.39 million, or at 12% of the project’s total costs. The City Council gave final approval of the assistance package on Aug. 5.

Construction is expected to begin this fall, with completion slated for March 2022.

The transaction was recorded on Sept. 24.

In other transactions:

Grimes Development Group LLC, operated by a Wisconsin-based firm, paid William C Knapp LC $169,981 for property at 480 S.E. Gateway Drive in Grimes, records show. The 1.5 acres are located in a fast-developing area of Grimes. The vacant property is valued at $1,900. The transaction was recorded on Sept. 18. 

Merle Apartment Partners LP paid Merle Hay Investors LLC $676,540 for property in the 6300 block of Douglas Avenue, records show. The narrow 1.75-acre parcel is the site of a new affordable housing development by TWG Development LLC and the nonprofit Dream Catcher Inc. The apartment building is planned on a parking lot that previously had served Merle Hay Mall. The transaction was recorded on Sept. 21.

Franzenburg Commercial Real Estate LLC of Des Moines paid RCI Properties LLC $800,000 for property at 2151 Dean Ave., records show. The property, valued at $579,000, includes a one-story, 20,244-square-foot warehouse constructed in 1957. Franzenburg Commercial also owns property to the east of the parcel it purchased. The transaction was recorded on Sept. 21.

Bondurant Commercial LLC, which has an office in Urbandale, paid Jay Rosenberger, Becky Rosenberger and Rita Rosenberger $4.14 for property at 3902 Grant St. S. in Bondurant, records show. Bondurant Commercial, managed by David Hansen, also paid the Becky Rosenberger 2000 Trust $618,774 for the property, which includes a 1 1/2-story house constructed in 1890. A document filed with the Polk County Recorder’s Office says that no one can live in the structure and that it must be demolished by March 31, 2021. The property, which includes about 30 acres, is valued at $256,420. The transactions were recorded on Sept. 22.

1660 West Des Moines LLC, based in Chicago, paid New Millennium LC, also known as New Millenium LC, $4.96 million for property at 1660 22nd St. in West Des Moines, records show. The 1.7-acre parcel includes a 14,418-square-foot retail building occupied by Walgreens. The transaction was recorded on Sept. 22.

Swift Properties LLC paid the Village at Grays Lake LLC $335,000 for property at 2690 Fleur Drive in Des Moines, records show. The property is located on the former AIB College of Business Campus. Swift previously had purchased 3 acres that included a 34,356-square-foot, three-level building. The most recent transaction was recorded on Sept. 22. 

I-80 Business Park LLC, based in Bondurant, paid Griffieon Farms LLC $1.85 million for 36 acres (map) south of 25th Street Northwest and north of the Interstate Highway 80 interchange with U.S. Highway 65, records show. The property is undeveloped and this year was valued at $44,920. The transaction was recorded on Sept. 22.

Aaron M. From and Deana Hoganson paid Timothy and Toni Urban $1.1 million for property at 214 Foster Drive, records show. The property, valued at $895,000, includes a two-story home originally constructed in 1923. The transaction was recorded on Sept. 22.

LDR Iowa V LLC, based in Excelsior, Minn., paid EZ Storage LLC $1.85 million for property at 7900 S.W. 22nd St. in Des Moines, records show. The property, valued at $1.35 million in 2020, includes 2.6 acres and four mini-storage warehouses constructed in 2018. The warehouses have nearly 300 storage units. The transaction was recorded on Sept. 24.

Brickstone Apartments LLC, based in Clive, paid Mazal Tov Holdings LLC $1.56 million for property at 2805 30th St., records show. The property includes two three-level apartment buildings; one building has 12 units; the other 18. The structures were built in 1969. In 2019, the property was valued at $1 million. The transaction was recorded on Sept. 25.

Liberty Holdings Inc., based in Urbandale, paid Altoona Properties LLC $1.2 million for property at 1626 Dixon St. in Des Moines, records show. The transaction was the fulfillment of a contract. The property, located in a heavy industrial area, is valued at $550,000. The transaction was recorded on Sept. 22.

Ashley Acres LLC, located in Urbandale, paid Cardasian Land Co. LLC $2.4 million for 68 acres in northwest Waukee, Dallas County real estate records show. The land this year was valued at $98,380. The transaction was recorded on Sept. 24.