The Cadence apartment complex at 6300 Merle Hay Road in Johnston was sold to out-of-state investors for $26 million. Photo provided by Polk County assessor
 
Chicago-based investors have purchased an apartment complex at 6300 Merle Hay Road in Johnston for $26 million, Polk County real estate records show.

The complex, called the Cadence, was constructed in 2016 and includes nearly 200 units spread over five three-story buildings. The property, including surface parking and garages, was valued at $18.29 million in 2020. The property’s sale price is 42% more than 2020 assessed valuation.

Cadence Apartments LLC and Cadence Apartments II LLC, entities managed by Hubbell Realty Co., had owned the complex. The buyers include Cadence Johnston Owner LLC, based in Chicago; EJ-Cadence Apt. LLC; and Cadence Apartments Iowa LLC.

According to Polk County Assessor Randy Ripperger, the assessed valuation of multifamily properties rose an average of 22% in 2021.

"There’s a lot of out-of-state buyers coming in and driving the market up," he told the Business Record.

The transaction was recorded March 23.

In other transactions:

1010 Investors LLC, a group out of Kansas City, Mo., paid Dallas-based CC Investors 1996 17 $9.87 million for warehouse property at 1010 S.E. 54th St. in Ankeny, records show. The 14-acre parcel includes a 202,616-square-foot warehouse constructed in 1996. The sale price was 27% more than the 2019 assessed valuation of $7.76 million. The Polk County assessor this week said the valuation of warehouses in 2021 grew an average of 35%. The transaction was recorded March 25.

Scharnberg Real Estate LLC, based in Des Moines, paid Airport Development LC $2.6 million for 26.6 acres at 3005 Gannett Ave. in Des Moines, records show. Airport Development is managed by Knapp Properties. The ground, mostly crop land, was valued at $25,180 in 2019. The transaction was recorded March 23.
Harvey Parks Properties LLC paid J&M Investments $400,000 for properties at 1161 and 1163 24th St.(pictured) in Des Moines, records show. The building on the property at 1163 24th St. once housed Des Moines’ Fire House No. 11. The two-story brick structure was built in 1890, records show. The properties were valued at $112,000 in 2019. The transaction was recorded on March on March 22.

George and Doinique Perrin paid Lance and Meighan Phillips $1.7 million for property at 15622 Wilden Drive in Urbandale, Dallas County real estate records show. The property includes a two-story, 5,372-square-foot house constructed in 2014. The transaction was recorded March 22.