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CB Richard Ellis/Hubbell Commercial Advises Haverkamp Properties on $19.6 million Multi-Housing Sale

WEST DES MOINES, Iowa (November 4, 2005) – CB Richard Ellis/Hubbell Commercial today announced that its Iowa Multi-Housing Group advised Haverkamp Properties in the sale of its 182-unit Apartment and Commercial complex, located at 416-616 Billy Sunday Road in Ames, Iowa, to Wilkinson 1031, LLC for approximately $19.6 million. The nearly 244,000 square foot portfolio is comprised of apartments, of which 99% are leased, and 27,000 square feet commercial space. CB Richard Ellis/Hubbell Commercial completed the transaction through a coordinated effort involving Tom DeWaay and Jeff Panzi, who comprise the Iowa Multi-Housing Group, and Todd Millang, Vice President of CB Richard Ellis/Hubbell Commercial. The Iowa Multi-Housing Group provides sales advisory and valuation services custom tailored to the unique needs of multi-housing investors and owners throughout Iowa.

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