CB Richard Ellis/Hubbell Commercial arranges the sale of Park Place Apartments for over $8 million
West Des Moines – December 28, 2010 – CB Richard Ellis/Hubbell Commercial has brokered the sale of the Park Place apartments containing 147 units located in downtown Des Moines for $8,050,000. Tim Sharpe and Linda M. Gibbs who are members of CBRE’s Private Client Group represented the seller, Park Place Condo, LLC and procured the buyer SIR Park Place, LLC. Senior Vice Presidents Tim Sharpe, CCIM, SIOR and Linda M. Gibbs, CCIM, SIOR marketed the building on behalf of the seller and procured the buyer within 30 days. To drive value, they utilized their Private Client Group Platform (PCG). The PCG of CB Richard Ellis provides national exposure and comprehensive marketing infrastructure, which helps individual investors achieve value in the disposition of their assets. “The Park Place apartment sale was a highly competitive process and it validated that investors are ready to take ownership and market risk for well-located assets,” said Gibbs. "Many of the factors that Forbes (magazine) highlighted in their (2010) review of Des Moines -- namely its low unemployment rate, favorable economic outlook, well-educated work force and its dominant positioning as a headquarters city for many major corporations -- were key components in our decision to acquire Park Place," said Steadfast CEO and President Rodney Emery. Park Place apartments are located at 615 Park in downtown Des Moines. The high rise apartment complex has maintained a consistently high occupancy and is currently 95% leased.