A Florida investment group has purchased four multifamily properties located in the downtown Des Moines area including City Square Lofts (top photo) and Ballyard Lofts. City Square Lofts, 240 E. Walnut St., was developed by Hanson Co. Inc. in 2016. The project was designed by Invision Architecture. Ballyard Lofts, 350 S.W. Second St., was also a Hanson Co. project. The architect was Slingshot Architecture. Photos courtesy of Hanson Co. Inc.

 

A Miami-based real estate investment group has purchased four multifamily properties in the downtown Des Moines area, paying a total of $65.25 million for the parcels, Polk County real estate records show.

The properties all had been owned and developed by Hansen Co. Inc., located in Johnston.

The transactions are the latest purchases by out-of-state investment groups of multifamily properties in and around downtown Des Moines. Between July 1, 2021, and Jan. 6, 2022, at least seven downtown-area apartment properties were sold to out-of-state investors.

The most recent transaction involved MCP Capital LLC, a real estate investment manager and operator located in Miami. According to MCP Capital's LinkedIn page, the group’s principals have developed, acquired and invested in more than $4.6 billion of real estate encompassing more than 7.4 million square feet.

Efforts to reach the principals of MCP Capital were unsuccessful.

Specifically, the group purchased property at:

• 240 E. Walnut St. that includes a seven-story multifamily building constructed in 2016. The 257,407-square-foot building, called City Square Lofts, includes 124 units, a parking garage and a rooftop patio. MCP Capital paid $35.75 million for the property, which is valued at $20.7 million.

• 712 S.E. Sixth St. that includes a seven-story apartment building constructed in 2017. The 95,384-square-foot building, called Eagle View Lofts, overlooks a portion of the Des Moines River where eagles congregate during the winter. MCP Capital paid $18.35 million for the property, which is valued at $13.1 million.

• 350 S.W. Second St. that originally was a manufacturing-turned-storage facility. The historic building, constructed in 1908, was converted in 2013 to a 44-unit apartment building called Ballyard Lofts. MCP Capital paid $7.25 million for the property, which is valued at $6.75 million.

• 708 S.E. Sixth St. that includes three three-story buildings with townhouses. Two of the buildings have eight units; the other has seven units. The Eagle View Townhomes were built in 2017 and include rooftop patios. MCP Capital paid $3.9 million for the property, which is valued at $3.3 million.

MCP Capital obtained a $47.5 million loan on the four properties from HSBC Bank USA, records show.

The transactions were recorded May 23.

In other transactions:

Diane M. Kimberley paid James LLC nearly $1.2 million for 117 acres of farmland in northern Polk County, records show. The land is generally located south of Northeast 158th Avenue and west of Northeast 120th Street. The transaction was recorded May 23.

NFLF Holdings LLC, located in Des Moines, paid CS Family Properties LLC $950,000 for property at 1103 Army Post Road in Des Moines, records show. The property includes an 8,636-square-foot neighborhood shopping center that was constructed in 1970. A liquor store and bar are listed as being located in the center. The property is valued at $552,000. The transaction was recorded May 23.

Stelter Enterprise LLC, located in Plymouth, Minn., paid John Thoeni and Emily Amsler $1.5 million for property at 3021 Woodland Ave. and 651 31st St., both in Des Moines, records show. The Woodland Avenue property includes three apartment buildings constructed in 1929. The buildings have three levels and include a total of 15 units, records show. The property is valued at $722,000. The 31st Street property includes also includes a three-level apartment building with five units. The property is valued at $320,000. The transaction was recorded May 24.

Mizo Church of Iowa Inc., located in Des Moines, paid Meredith Drive Reformed Church $2.5 million for property at 5128 Meredith Drive in Des Moines, records show. The 7-acre parcel includes a 33,701-square-foot church was constructed in 1962. The property, which is tax-exempt, is valued at $4.97 million. The transaction was recorded May 24.

MJPD Ventures LLC, located in Ankeny, paid Jordi Properties LLC $856,869 for property at 1200 N.W. 36th St. in Ankeny, records show. The 1.5-acre parcel is undeveloped. The transaction was recorded May 24.

Edotto Slims 1 LLC, located in Sioux Falls, S.D., paid KL Restaurant Midwest Properties Inc. $1.6 million for property at 2170 E. First St. in Grimes, records show. The property includes a 2,831-square-foot building occupied by Burger King. The structure was built in 2013. The property is valued at $1.26 million. The transaction was recorded May 25.

Foxhill Des Moines LLC, located in Port Hueneme, Calif., paid QuikTrip Corp. $6.17 million for property at 2428 and 2426 Hubbell Ave. and 2401 Easton Blvd., all in Des Moines, records show. The property, developed in 2015, includes a convenience store and fuel pumps. QuikTrip Corp. acquired the property last September, paying $6 million for the parcels. The most recent transaction was recorded May 26.

DRA Properties LC, located in Ankeny, paid the M. June Campbell Revocable Trust $3.49 million for property at 2538 N.E. 102nd Ave. in Ankeny, records show. The property includes 25 acres of mostly undeveloped land. The transaction was recorded May 27.

Dallas County
Pitch LLC, located in Sioux Falls, S.D., paid Prairie Rose Waukee LLC $1.33 million for property east of Northwest Second Street in Waukee, Dallas County real estate records show. The property includes 9.2 acres of undeveloped land. The transaction was recorded May 23.