Northmarq completes $10.2M sale and acquisition financing for Fairmeadows Village in West Des Moines, IA

WEST DES MOINES, Iowa — Northmarq’s Midwest Multifamily Investment Sales team led by Anthony Martinez, Parker Stewart and Dominic Martinez, in collaboration with its Omaha Debt + Equity team led by Jason Kinnison, successfully arranged the $10.2 million sale and $7.14 million acquisition financing of Fairmeadows Village, a 99-unit, 55 and older active living community located at 2625 Vine St. in West Des Moines, Iowa.

Northmarq represented the seller, an Iowa-based private investor. The buyer was an East Coast-based real estate investment group.

"Through an extremely competitive marketing process, we received 25 offers on Fairmeadows Village, driven by the property’s location in the highly sought-after West Des Moines submarket, a lack of local competition, and the clear opportunity to enhance an already well-maintained asset. The strong interest from investors across the country demonstrates the continued demand from out-of-state capital for quality multifamily assets and confidence in the strong underlying fundamentals of the Des Moines market,” said Anthony Martinez.

Northmarq arranged the permanent-fixed financing on behalf of the borrower through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a 10-year term.

“Fannie Mae provided highly competitive terms to the buyer, facilitating the strategic expansion of their Midwestern portfolio,” Kinnison said.

Built in 1994, Fairmeadows village features four buildings on a 7.025-acre property. Units include one- and two-bedroom offerings with patio or balcony space, wood-look flooring and wheelchair accessibility options.

Community amenities include active rooms and a pool table, indoor mail delivery, on-site laundry, guest rooms, fireplace fellowship, movies on large-screen TVs, and community kitchen and dining room for private use. It also boasts an environment with serene outdoor space, controlled-access entries, individual garages available, convenient surface parking, and laundry facilities.