$23.3 million | West Des Moines

Artisan Capital Group, in a partnership with Eastham Capital, acquired the Cambridge Court apartment complex in West Des Moines for $23.3 million. The 192-unit complex, located at 1205 11th St. and developed in 1992, was purchased by Cambridge Iowa Owner LP, an entity managed by Artisan Capital Group. The property was sold by Cambridge Court Owner LLC. The property, located on 13.1 acres, is valued at $20.4 million. The transaction was recorded March 6, 2023. Photo by Duane Tinkey

Other deals

$10.7 million  |  Urbandale 

Bexley Apartments LLC, based in Dallas, Texas, paid Timberland Partners XXVII LLP $10.7 million for the property, at 7800 Iltis Drive in Urbandale. The property includes the 144-unit Timberland at Meredith apartment complex that was developed in 1974. The property is valued at $10.2 million. The transaction was recorded March 17, 2023.

$9.3 million  |  West Des Moines

Clarified Management LLC, located in Urbandale, paid 2026 South Hammond Road LP $9.3 million for property at 640 S. 50th St. in West Des Moines. The property includes a 19,540-square-foot building with commercial and residential space. The transaction was recorded March 3, 2023.

$9.2 million  |  Des Moines 

The historic, 11-story Fleming Building, located at 218 Sixth Ave. in downtown Des Moines, was sold for $9.2 million to an Iowa real estate management company. KMC Properties, a family-owned business located in Council Bluffs, bought the property from Nelson Construction & Development. The building, designed by the nationally renowned Chicago architectural firm of D.H. Burnham & Co., was placed on the National Register of Historic Places in 2002. Ninety-six market-rate apartment units are located in the third through 11th floors of the building. The first two floors include more than 11,500 square feet of retail and office space. The property is valued at $9.2 million. The transaction was recorded Feb. 13, 2023. 

$8.7 million  |  Des Moines

Property in the heart of downtown Des Moines that includes the Clemens Building has been sold to two entities based in New York City. Clemens TIC LLC and Clemens Building LLC paid 621 Kellogg LLC $8.7 million for the property at 200 10th St. that includes the Clemens Building. The six-story Clemens Building, constructed in 1917, was originally designed as showroom space for an automotive business. In the mid-2010s, the building’s second through sixth floors were converted to 44 market-rate apartments. The street level includes commercial space. The property is valued at $7.5 million. The transaction was recorded June 6, 2023.

$7.2 million  |  Des Moines 

1646 Hull LLC, managed by Denver, Colo.-based VareCo, paid Des Moines Leased Housing Associates IX LP $7.2 million for property at 1640 Hull Ave. in Des Moines. The 10-acre parcel includes a five-building apartment complex developed in the mid-1990s. The three-story buildings include a total of 120 units. The property is valued at $2.4 million. The transaction was recorded Nov. 1, 2023.

$5.8 million  |  Clive

McCoy at 8035 LLC, located in Clive, paid Batra Hospitality Group Inc. $5.8 million for property at 11040 Hickman Road in Clive. The property’s owners, Jason Grove and Tina Smothers, are converting the former 115-room hotel to apartment units. Batra Hospitality Group acquired the property in January 2023 for $5.6 million. The property is valued at $2.3 million. The most recent  transaction was recorded Dec. 28, 2023.  

$4.8 million  |  Pleasant Hill

TREF Riverwood Apartments LLC, managed by Sioux Falls, S.D.-based Ernst Capital Group, paid Riverwood Apartments LC $4.89 million for property at 660 N. Pleasant Hill Blvd. in Pleasant Hill. The property includes an apartment complex developed in 2004. The property is valued at $4.6 million. The transaction was recorded Aug. 11, 2023.

$3.9 million  |  Des Moines

315 E McKinley LLC, located in Ankeny, paid McKinley Apartments LLC $3.9 million for property at 311 and 315 E. McKinley Ave. in Des Moines. The property includes two three-story buildings, each with 24 apartment units. The buildings were constructed in 1993. The property is valued at $2.7 million. The transaction was recorded July 19, 2023.

$3.3 million  |  Des Moines

VareCo, a Denver-based private investment firm, purchased the Court Avenue Lofts at 308 Court Ave. in Des Moines. VareCo paid limited liability companies managed by Hubbell Realty Co. $3.3 million for the property, located on the building’s second through fourth floors. The purchase also includes a first-floor leasing office. The four-story brick structure was built in two phases, according to a National Register of Historic Places application. The first phase was completed in 1890 and included 300-302 and 304-306 Court Ave. The second phase, which included 308-310 Court Ave., was completed in 1897. The building, originally called the Seth Richards complex, is one of the largest and most intact examples of Romanesque Revival-influenced commercial design in Des Moines, according to the document. The transaction was recorded Oct. 30, 2023. 

Source: Polk and Dallas county assessors