JLL Shuts Sale of Des Moines-Area Apartments

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JLL Resources Markets shut the $56.75-million sale and arranged $45.4 million in procurement funding for a multifamily profile containing 6 home areas in the suburban areas of Des Moines, IA. JLL worked with part of the vendor, BBK Apartments, to complete the sale to the customer, Spruce Features.

This marks Spruce Quality’ first procurement in Iowa. The portfolio includes Lake Coast, Lake Coast Park, Lake Coast Area and Peachtree Houses in Ankeny; Saylorville Shore in Polk City; and also Daybreak Meadows in Waukee.

The JLL Capital Markets deal group representing BBK was led by David Gaines and included Marcus Pitts, Justin Lossner as well as Michael Minard. JLL likewise stood for Spruce Characteristic to stem a 10-year, 2.77%, fixed-rate acquisition financing with Fannie Mae. Funding was led by Trent Niederberger.

“We remain to see savvy investors make lasting “BET-ON-AMERICA” gets across the Midwest for prime multi-housing chances like the BBK Profile,” claimed Gaines.

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