Haverkamp Properties Completes Sale of University West Apartment Complex to Corridor Ventures
West Des Moines, IA (August 16, 2007) – CB Richard Ellis/Hubbell Commercial, the leading commercial real estate broker in Iowa, announced today that Vice President Todd Millang represented Haverkamp Properties in the marketing and sale of its multi-unit housing properties located in Ames, Iowa to Corridor Ventures in a transaction valued at $41.5 million. This sale represents a portion of Haverkamp Properties’ Ames portfolio, and they will continue to own and manage real estate in the Ames market. The 484-unit portfolio, known as University West, is located in Ames, west of the Iowa State University campus. The six contiguous housing complexes, which serve the needs of approximately 1,200 Iowa State University students, are a combination of well-situated Class A and Class B assets. This is the third significant multi-unit housing sale in Ames, Iowa within the last three years where CB Richard Ellis/Hubbell Commercial has provided seller representation, and the second sale by Haverkamp Properties.