Northmarq completes sale of Cambridge Court Apartments in West Des Moines, Iowa
ST. LOUIS, MISSOURI (March 7, 2023) – Northmarq’s Midwest investment sales team led by Parker Stewart, managing director, Dominic Martinez, senior vice president, and Anthony Martinez, associate, arranged the sale of Cambridge Court Apartments, a 192-unit multifamily property in West Des Moines, IA. Northmarq represented the seller, CRES Management, in the transaction.
The buyer assumed the existing Freddie Mac loan as part of the transaction. The loan has a 59% LTV and is maturing in 2030, providing a lower interest rate than currently available in the market.
“Cambridge Court offered an excellent in-place Freddie Mac loan that the buyer will benefit from for the next seven years. West Des Moines is a top submarket in the Des Moines MSA and the asset is perfectly positioned for a systematic upgrade. We look forward to seeing the new owner enhance the property, building on what is already a strong foundation,” said Stewart.
Cambridge Court, built in 1992, is in an exceptional location in West Des Moines, in close proximity to major employers including the Hy-Vee Headquarters, Wells Fargo Home Mortgage and Athene USA. Walnut Center, Gateway Center, and Grand Junction Shopping Center offer residents a variety of retail options in less than 1.2 miles. West Des Moines is also home to the new 88-acre Des Moines University Medical campus, which is scheduled to open in 2023.
Community amenities include: Package service, laundry facilities, 24-hour emergency maintenance, renters insurance program, online services, access to public transportation, elevators in each building, updated clubhouse, a 24-hour fitness center and spa, indoor pool, playground, outdoor pool with sundeck. Apartment amenities include: High speed internet access, in-unit washer/dryer, central heat and air conditioning, storage units, dishwasher, hardwood-look floors, carpet, dining room, vaulted ceilings, walk-in closets, and a balcony or patio.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
