- Conveniently Located Near Retail & Major Employers with Highway Access
- $770-Million Expansion of Nearby Des Moines International Airport
- Over $4.6 Million Invested in 2022
- Multiple Avenues to Proven Rent Upside
- Opportunity for Further Expansion
- Complete Turnaround by New Ownership and Management
- Offered at an Attractive Basis
- Offered Free and Clear of Existing Debt
Conveniently Located Near Retail & Major Employers with Highway Access
The asset is conveniently located in the Army Post Road and SE 14th Street retail corridor, a main thoroughfare featuring several national retailers that offer convenient dining and shopping options. The property is minutes away from South Ridge Mall, Des Moines Area Community College South Ridge Center, and Des Moines International Airport, which is breaking ground on a new $770-million terminal. Both properties also offer convenient highway access, allowing tenants to access the entire Des Moines metro within minutes.
$770-Million Expansion of Nearby Des Moines International Airport
The Des Moines International Airport, Iowa’s largest, is undertaking a $770 million expansion project to replace its outdated 1948 terminal and meet future capacity needs. The three-phase initiative, estimated at $769.8 million, will add gates and essential infrastructure, stimulating the local economy. The Des Moines International Airport currently boasts an annual economic impact of $752 million, providing 8,487 jobs and $321M in annual payroll. This is expected to increase as a result of the expansion. Driving economic growth, this expansion will enhance the area’s appeal for prospective residents.
Over $4.6 Million Invested in 2022
Ownership has invested over $4.6 million dollars in both properties in 2022. Interior capital expenditure renovations include new security lighting, stairway and common hallway upgrades, and plumbing upgrades that support water conservation. Exterior improvements include landscaping, exterior paint, swimming service, and the addition of a dog park, as well as upgraded garages and new security lighting. In total, 240 units have been fully renovated with new flooring, paint, doors, trim, fixtures, appliance upgrades and more. This extensive renovation will allow for minimal deferred maintenance for future ownership.
