Northmarq’s Midwest team announces $11.1 million sale of Highpoint at Pella located in Pella, Iowa

ST. LOUIS, MISSOURI (March 15, 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 Highpoint at Pella, a 100-unit multifamily property located at 340 East 13th Street in Pella, Iowa. Northmarq represented the seller, Axiom Equities, in the transaction. The buyer is a local investor, HighPoint Apartments, LLC, who acquired the asset for $11,050,000.

“Highpoint at Pella has unique characteristics that generated interest from more than 100 investors across the country and ultimately led to nine written offers. Due to Pella Corporation’s global headquarters and several other major employment drivers, there are thousands of people commuting to Pella daily, creating an extremely tight housing market. The asset had been under the same family ownership since it was built and was very well maintained with strong historical occupancy,” said Stewart.

Located 45 miles from downtown Des Moines, Highpoint at Pella offers one- and two-bedroom apartment homes near Lake Red Rock, the largest lake in Iowa. Pella is home to three privately held, global manufacturing companies, including Pella Corp., the well-known maker of windows and doors, and Vermeer Corp. It was recently featured in the Wall Street Journal for its innovative approach to attracting residents.  Built in 1999, the community features a 24-hour fitness facility, pool, BBQ grilling stations, large floorplans and more. Apartment amenities include: In-unit washer and dryer, air conditioning, walk-in closets, storage units, and patio/balconies.