ANKENY, IA - Minneapolis based Timberland Partners is pleased to announce the acquisition of Prairie Lakes, a well-established apartment community located in Ankeny, Iowa. Founded in 1992, the company now owns and manages 62 apartment communities totaling nearly 12,000 apartment units in its portfolio spanning 12 states. This is the eighth property Timberland Partners now owns in the Iowa market.
The 92-unit acquisition was funded from Timberland Partners Investment Fund V, LLC. This represents the tenth and final acquisition of fund five, which now holds a grand total of 2,135 units. 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 Investments, Matt Fransen, said “Timberland Partners is excited about the acquisition of Prairie Lakes. It’s a great opportunity for us to add a high quality, newer vintage property in a growing, affluent suburban location in Ankeny. We feel that this asset will provide our investment partners with solid, consistent cash flows and value creation over a long term horizon.”
A number of exciting improvements are planned for Prairie Lakes, which was built in 2013. Most notably, a clubhouse remodel and the addition of an outdoor community space with resort-style grill stations and seating areas. Landscaping enhancements and the addition of a new dog park will also be part of the site improvement plans. The property consists of very large two and three bedroom floorplans with condominium-like finishes including granite countertops, nine-foot ceilings and full-sized washers and dryers in every unit.
The seller was represented by Matt Bukhshtaber with CBRE’s office based in St. Louis, Missouri.
Timberland Partners is a real estate investment and management firm which currently owns nearly 12,000 apartments in twelve states. For more information, please contact Matt Fransen, Vice President of Real Estate Investments, at mfransen@timberlandpartners.com or 952.843.2031 or visit timberlandpartners.com