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Tuesday, 10 July 2018

Apartment Property in Suburban Des Moines, Iowa, Trades for $58Mln

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A venture of Besyata Investment Group and the Scharf Group has paid $58 million, or $133,640/unit, for the 434-unit Autumn Ridge Apartments in Waukee, Iowa, a suburb of Des Moines, Iowa.

The New York family offices acquired the nearly completed property from developers Seth and Josh Moulton and Bill Kimberley, who were represented by HFF.

The property, at 1150 SE Olson Drive, is being constructed in two phases. The first, which was completed last year, consists of seven buildings with 236 units and the second, with 198 units in six buildings, is expected to be completed by the end of the year.

Its one-, two- and three-bedroom units have quartz countertops, tile backsplashes, washers and dryers and patios or balconies. The property itself includes a clubhouse, fitness center and swimming pool.

Besyata and Scharf have ventured on other apartment purchases. In March, they paid $65.5 million for the 418-unit One Dartmouth Place in Denver. And last August, they bought the 675-unit Communities at Arbor Vista in the Washington, D.C., suburb of Adelphia, Md., for $90 million. A year ago, they partnered with Pensam Residential and BH Equities to pay $74 million for the 699-unit Hurstbourne in Louisville, Ky., and the 344-unit Woodcrest Village in the Atlanta suburb of Lithonia, Ga.

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Des Moines
  • States: Iowa
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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