A New York investment firm has purchased an Iowa multi-housing portfolio that includes six Des Moines-area apartment complexes, paying $56.75 million for the properties.
JLL Capital Markets, which represented seller BBK Apartments, described the sale as the “largest single apartment trade in the state of Iowa.”
Hubbell Apartment Living, a division of Hubbell Realty Co., has been hired to manage the complexes. "We're thrilled to partner with [Spruce]," a spokeswoman said. Hubbell Apartment Living began managing the complexes on Nov. 30.