Hubbell Realty Company Acquires Druid Hill Townhomes and Residential Developments from Clarke Company, Ltd.
West Des Moines, Iowa August 2, 2007 – Hubbell Realty Company announced today the acquisition of the Druid Hill development in Des Moines from the Clarke Company, Limited and its affiliates, a local real estate company. The acquisition includes townhomes, residential lots, and approximately 120 acres of undeveloped land in the Riverwoods development, as well as lots in three other Des Moines metro area communities. “We see this as an opportunity to increase our presence in Des Moines proper,” said Hubbell Realty Company President and CEO Rick Tollakson. “Historically, Hubbell has played a significant role in the development of this city, although in more recent years our residential focus shifted to the suburbs. It is important to us that we expand our role in Des Moines itself.” John Clarke, Managing Partner and CEO of Clarke Company, Limited said, “We are pleased that a local company like Hubbell now owns these properties. Their long history of improving the region will make the already great community at Druid Hill and the other developments that much better.” Druid Hill Hubbell Realty Company acquired 11 townhomes and 8 lots in the Druid Hill community. These will be sold by Hubbell Homes. Druid Hill is located south of Gray’s Lake in Des Moines. Other Residential Lots and Land Hubbell Realty Company together with Hubbell Homes has taken over the Clarke interests in Riverwoods and Easter Bay in Des Moines, and Rolling Green in Norwalk. The Riverwoods portion of the acquisition also includes 120 acres of undeveloped land.