DES MOINES, IA – Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, has bought the District @ 6th Apartments, a 213-unit multifamily community in downtown Des Moines, IA. District @ 6th, completed in 2020 and in its initial lease-up, consists of 36 studio, 125 one-bedroom and 52 two-bedroom units among twelve different floor plans. Greystar, has been awarded the property management contract.
The transaction closed on October 1, 2021, for $40,750,000, which equates to $191,315 per unit or $228 per square foot. As part of their acquisition, FMC raised over $11.6M in equity from their network of high-net worth investors, and secured a three-year, interest-only bridge loan with UBS. Michael Scott and Michael Duggan with CBRE represented FMC on the debt assignment, and Cy Fox, Matt Bukhshtaber, and Ray Hamilton with CBRE represented the Seller in the transaction. This is FMC s third acquisition in the market.
“We were thrilled to get District across the end line, says Eric Mallon, one of FMC s founding partners. We ve owned in the Des Moines suburban markets since late 2018, but have been intentionally cautious about buying downtown, until now. With more balance in the submarket, District represented a unique opportunity to buy a well-designed asset downtown at a compelling basis, below market and replacement cost and with a 10-year tax abatement, while continuing to grow our local portfolio, continued Mallon.
District at 6th is located in a dynamic, urban and quick-growing ‘live-work-play neighborhood called the East Village, which is just across the Des Moines River from downtown. The East Village is home to a number of award-winning restaurants and some of the best shopping in the city, as well as to the Iowa State Capitol Building. The neighborhood is just a small walk away to Principal Park, home of minor league baseball s Iowa Cubs and also has simple access to multiple bike paths for getting around the city.
This luxury apartment community, carefully designed and built in clean and contemporary architecture, consists of 36 studio, 125 one-bedroom and 52 two-bedroom units in two four-tale elevator serviced buildings and includes an underground parking structure with 216 parking spaces. District at 6th offers an exclusive set of amenities including a swimming pool with sundeck, dog park, exterior courtyard with gas grills and firepit, 24/7 package room, free bike storage, secure underground parking, and a fully equipped, 24-hour state-of-the-art fitness center. The Property also includes a 2,639sf vacant retail space on the ground floor that FMC intends to market for lease.
“Because we are purchasing the pre-stabilized property with zero deferred maintenance and limited capital needs, we will focus on finishing out the lease-up while stabilizing operations with our on-site team. We also expect to capture strong submarket growth over the 10-year hold period in order to generate superior risk-adjusted returns for our investors,” said Chris Geer, another Four Mile founding partner.

Powered by WPeMatico

CHICAGO, IL – TGM announced the acquisition of TGM Retreat at Danada, a 295-unit primarily townhome style apartment community in Wheaton, IL.
The property was constructed in 1997 and offers one, two and three-bedroom single or multilevel townhome apartments. Among the distinctive attributes of this townhome-for-rent community are its large 1,200 square foot average unit size, private entries, one or two car direct access garages, and prime location with convenient access to shopping, entertainment, and major employment centers that today’s renters demand. The property offers low density living with attractive amenities including a newly renovated clubhouse, well-equipped athletic club, resort-style swimming pool and pet spa.
TGM Retreat at Danada is conveniently located within a few miles of the I-88 East-West Tollway with over 40+ million square feet of high-quality office space that is occupied by a diverse group of Fortune 500 companies. Less than 30 miles west of Chicago and a small drive from the Wheaton Metra station, residents benefit from a lower cost of living and a hassle-free commute. In addition to its accessibility to a plethora of major employment concentrations, its prime location on the corner of Butterfield and Naperville Roads also offers residents with unique walkable access to a myriad of retail amenities. TGM Retreat at Danada residents have the ease of walking to an abundance of retail choices such as Whole Foods, Aldi, Starbucks, Pete’s Fresh Market and several quick-casual dining options in adjacent shopping centers.
“TGM Retreat at Danada is in the highly desirable City of Wheaton which is a high barrier to entry submarket with a solid employment base, nationally ranked schools, and superb access to the regional suburbs and downtown Chicago. Wheaton, the county seat of DuPage County, is a vibrant and appealing community for a variety of lifestyles as evidenced by its Money Magazine recognition as one of the ‘Best Places to Live’,” said Zach Goldman, Managing Principal and Chief Operating Officer for TGM. TGM Retreat at Danada is managed by TGMs’ property management company.

Powered by WPeMatico

SCOTTSDALE, AZ – Harbor Group International, a privately owned international real estate investment and management firm, announced the sale of Avia McCormick Ranch, a 329-unit, garden-style apartment community in Scottsdale, Ariz., for $96.3 million. HGI bought the property in 2019 for $63.5 million and upon acquisition, invested an additional $4.4 million in renovations to update unit interiors, landscaping and overall curb appeal.
Located in the prestigious McCormick Ranch community in central Scottsdale, the property is proximate to several recreational options, including two championship golf courses, over 25 miles of bicycle paths, numerous parks and seven accessible lakes. The property is also near the Loop 101 Freeway, providing convenient access to several of Phoenix’s major employment centers.
“Avia McCormick Ranch is an brilliant illustration of Harbor Group International’s value-add strategy in markets with strong multifamily fundamentals and high barriers to entry,” said T. Richard Litton, President of HGI. “We were able to rapidly achieve our business plot for this property as the greater Phoenix area has benefitted from a surge of employment opportunities from financial services and technology firms moving to the city in recent years, driving demand for well-located, high-quality housing.”
Built in 1978, Avia McCormick Ranch features amenities including four swimming pools with cabanas, a resident clubhouse, 24-hour fitness center, basketball and tennis courts, and outdoor lounging areas.

Powered by WPeMatico