- Strategic Location with Strong Demographics
- $146/Unit in Proven Value-Add Upside – $550,000 Annually
- Institutional Operator with Attractive Amenities
- Streamlined Operations/Expense Upside
- Strong Historical Operations
- Opportunity to Immediately Obtain Critical Mass with 316 Units
- Offered Both Free & Clear & With In-Place Financing
Strategic Location with Strong Demographics
Weston Park stands out for its advantageous location. Located at the center of the MSA, the property provides immediate proximity to local amenities including The Great Western Bike Trail and Waterworks Park while being located just minutes from Downtown Des Moines and the Jordan Creek Trade Area. This prime property is situated in a tranquil, high-income residential neighborhood, boasting proximity to key local attractions such as the Fleur Dr. retail corridor and the 63rd St. thoroughfare leading to the historic Valley Junction District, along with easy access to the Des Moines Airport.
In terms of demographics, the investment is underpinned by the very low unemployment rates in Des Moines and Iowa. The immediate area enjoys a remarkable average household income of $93,000 within a 2-mile radius, and the 2023 projected population within a 5-mile radius is an impressive 184,711.
$146/Unit in Proven Value-Add Upside – $550,000 Annually
The property has undergone significant capital expenditure and renovations, featuring 111 fully upgraded units, 138 partially upgraded units, and 67 classic units. Weston Park’s value-add opportunities lie in the potential to elevate the remaining 202 units of partially renovated and classic units to a fully upgraded level at proven market rents, translating to a substantial $550,000 in proven annual upside potential. The recent renovations, which included new cabinets, new hardware & light fixtures throughout, granite countertops, tile backsplash, updated appliances and updated bathrooms, provide a strong and proven foundation for new ownership to continue the interior unit renovations throughout the property.
Institutional Operator with Attractive Amenities
The owner operator is of institutional quality as is the asset itself! Weston Park offers an array of desirable amenities, including two pools, a clubhouse, a spacious fitness center, a coffee bar, a dog park, a sundeck with outdoor grilling facilities, and a basketball court.
