Northmarq’s Midwest team announces sale of 96-unit apartment complex in Council Bluffs, IA
ST. LOUIS (Nov. 27, 2023) — Northmarq’s Midwest Investment Sales team of Parker Stewart, Anthony Martinez, Dominic Martinez and Alex Malzone arranged the sale of The Heights apartments. The 96-unit multifamily property was built in 1998 and is located at 649 Parkwild Dr. in Council Bluffs, Iowa. Northmarq represented the seller, an Omaha-based private investor, in the transaction.
“The Heights is very well-positioned for significant value-add and future organic rent upside, with the LIHTC expiration coming in 2030,” said Martinez. “The asset is well-located within the Council Bluffs submarket and has an excellent historical occupancy track record over the 17 years of the seller’s ownership. Despite a volatile market, we were able to generate strong interest with over 140 qualified buyers reviewing the opportunity, ultimately resulting in 13 written offers.”
The Heights offers affordable one-, two- and three-bedroom homes in the tree-covered hills of Council Bluffs. The pet-friendly community boasts privacy, convenient access to two major interstates (I-80 and I-29) and is located 5 miles from downtown Omaha. Residents enjoy amenities such as a private patio or balcony, dual closets and full-size washer and dryer connections in all units.
Apartment amenities include: Fully equipped kitchen, private patio/balcony with storage, ceiling fans with overhead lighting, upgraded light fixtures and window coverings. Community amenities include: Wheelchair and disability accessible, detached garages, controlled access and on-site maintenance.
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