CB Richard Ellis/Hubbell Commercial Advises Douglas Terrace Inc. on $1.7 Million Sale of 72-Unit Apartment Complex
WEST DES MOINES, Iowa (June 2, 2009) – CB Richard Ellis/Hubbell Commercial, Iowa’s largest commercial real estate broker, announced today that senior associate Rick Krause advised Douglas Terrace Inc. in the sale of Douglas Terrace Apartments at 3120 Douglas Avenue in Des Moines, Iowa to Ames Properties for $1.7 million. The multi-family housing property is a 72-unit complex that was built in 1977. This is only the second multi-family property transaction to exceed $1 million in Central Iowa so far in 2009. In 2007, there were 18 multi-family transactions within Polk County that exceeded $1 million, and in 2008, only 5 transactions exceeded this amount. The first transaction in 2009 to exceed $1 million was the sale of 2701 NW 86th Street in Clive for $5.8 million. According to Krause, this illustrates the reduction in velocity of transactions within the multi-family housing market in Central Iowa.