CB Richard Ellis/Hubbell Commercial Advises Barnes on $13.25 million Multi-Housing Sale
DES MOINES, Iowa (November 27, 2006) – CB Richard Ellis/Hubbell Commercial today announced that its Iowa Multi-Housing Group advised Evie and Michael Barnes in the sale of the Park Place Apartments complex, located at 615 Park Place in downtown Des Moines, to Park Place Condo LLC for $13.25 million. The buyers have converted the 158-unit apartment complex into condominiums for sale beginning in the $80,000 range. The Park Place Apartments was one of the tallest apartment complexes in Iowa with 16 floors and underground parking. 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. 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.