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CB Richard Ellis/Hubbell Commercial Arranges Multimillion Dollar Sale of Alexis at Perry Pointe Apartments

West Des Moines, IA (June 28, 2011) - CB Richard Ellis/Hubbell Commercial has brokered a multimillion dollar sale of Alexis at Perry Pointe Apartments. This 192 unit complex is a Class A apartment community located at 5001 Sheridan Street, Davenport, IA. Alexis at Perry Pointe Apartments was built in 2004 and includes 1, 2, and 3 bedroom luxury apartments complete with all the amenities.
 
Linda M. Gibbs, CCIM, SIOR and Timothy J. Sharpe, CCIM, SIOR, CB Richard Ellis/Hubbell Commercial Senior Vice Presidents, represented the sellers, Northbrook Housing Partners and Summerfield Development Co. LLC, and procured the buyers, MFR Partners XI, LLC.
 
"Multifamily continues to be the favored asset type for investors across the country. Our [CB Richard Ellis/Hubbell Commercial’s] biggest challenge is finding enough product to satisfy the appetite of all of the buyers interested in our marketplace," stated Gibbs.
 
"This property is, without a doubt, the finest multifamily property in the market," commented Sharpe.
 
Linda M. Gibbs and Timothy J. Sharpe manage the CB Richard Ellis Private Capital Group practice for the state of Iowa specializing in the acquisition and disposition of investment properties.

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