JLL Capital Markets announced it closed the sale of the Signature Place, a 261-home, garden-style apartment community in West Des Moines, Iowa. The sale involved the assumption of the existing Fannie Mae debt that was originated by JLL in 2016 and assumed by the buyer.
JLL worked on behalf of the seller, ARTISAN Capital Group, LLC, to complete the sale to the buyer, a west coast-based equity group.
Signature Place consists of 261 apartment homes among 12 buildings with one-, two- and three-bedroom home options. Approximately 16 percent of the units have been renovated with vinyl plank flooring, stainless steel appliances, resurfaced countertops and upgraded plumbing, lighting and electrical fixtures; presenting the opportunity for the buyer to upgrade the remaining 84 percent of units. Signature Place also offers an array of community amenities including a swimming pool with sundeck, clubhouse with fireplace, 24-hour fitness center, dog park, pet washing station and business center.
The property is located at 210 S. Prairie View Dr. and provides accessibility to Des Moines’ major employers, including its renowned insurance and finance hub, where over 80 insurance companies are headquartered. Des Moines boasts extremely strong market fundamentals, which have been demonstrated through its impressive historical performance. Des Moines is touted as one of the nation’s fastest growing MSAs and most desirable places to live.
The JLL Capital Markets team representing the seller was led by Senior Director David Gaines and Director Kyle Butler, along with Managing Directors Marcus Pitts and Justin Lossner and Vice President Mike Minard of the firm’s Des Moines office.
“The Des Moines market continues to attract investment capital based on several positive demographic factors including having both the highest population growth, as well as the highest employment growth of all of its Midwest peers over the last 10 years,” says Gaines. “It has been ranked among the best places to live in the United States, one of the most pro-business cities in America, and one of the best cities for young professionals and jobs. As a result, we would expect the influx of investment capital coming into the Des Moines market to continue.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.