DES MOINES, IA - Minneapolis based Timberland Partners announced the acquisition of Ashley Square, an apartment community located in Des Moines, Iowa. This is the ninth property Timberland Partners now owns in the Iowa market.
The 144-unit acquisition was funded from the Timberland Partners Investment Fund VI, LLC, and represents the third acquisition from fund six. Timberland Partners anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multi-family real estate market.
Timberland Partners Vice President of Real Estate Investments, Matt Fransen, said “We feel very good about investing in Des Moines right now. The region continues to create jobs, which is great for the apartment market. We have a simple business plan that will be implemented at Ashley Square to further improve and modernize the community. We look forward to a long term ownership.”
Ashley Square was built in 1986, and consists of one and two bedroom floorplans located throughout five buildings and hosts amenities such as an outdoor pool and clubhouse. Planned improvements include new signage, fencing, and renovations to unit interiors and clubhouse. All units will receive new flooring, lighting, appliances, countertops and in-unit washers and dryers.
The seller was represented by William Ryan, Alex Blagojevich and Michael Sullivan of Berkadia based in Chicago, IL.
Timberland Partners is a real estate investment and management firm, which currently owns and manages 65 apartment communities totaling 12,680 apartment units in its portfolio spanning 13 states.
Source: Timberland Partners / #Apartments #Multifamily