- Extraordinary Location
- High-Quality Asset Offers Luxury Living
- Rents Well Below Comps in the Market | Significant Upside
- Strong Surrounding Demographics
- Offered Free & Clear of Existing Debt
Extraordinary Location
Strategically located in the heart of West Des Moines’ thriving new development, Kings Grove offers tenants convenient access to a variety of options for work and play. The asset is near the West Des Moines Corporate Campus Corridor, minutes away from white-collar employers such as Athene, Wells Fargo, IMT, and Sammons Financial Group. Kings Grove is also less than two miles from the brand-new, $250-million campus of Des Moines University Medical School.
Residents enjoy proximity to Jordan Creek Town Center, a premier retail destination with 1.3 million square feet of fully occupied storefronts. Notable attractions include a record-setting Lululemon store, a new Top Golf, and the largest Ruth’s Chris Steak House worldwide.
High-Quality Asset Offers Luxury Living
Kings Grove offers tenants luxury living. High-quality construction is evident throughout each townhome unit. The developer has a strong track record of high quality and very high end multifamily, townhome and single-family construction. Each townhome includes a Chef’s Kitchen, complete with upgraded Whirlpool appliances and a walk-in pantry. A laundry room in each unit includes a washer and dryer set, as well as a separate mud room with lockers. The master bedroom features an en-suite bath, and all bedrooms offer walk-in closets. LED recessed lighting, 9ft ceilings, ceiling fans throughout, and a smart HVAC system enhance each townhome. A favorite feature among tenants is the full-sized attached two-car garage. Covered porches are a finishing touch that allow tenants to enjoy the outdoors.
Rents Well Below Comps in the Market | Significant Upside
Initial lease-up was handled by an inexperienced property manager, leaving room for operational improvements and rent increases. Current rents are nearly $400 per unit below market comparables, providing a clear opportunity for revenue growth.
