ARTISAN Sells Two Apartment Communities in Des Moines, IA
ARTISAN Capital Group (“ACG”) is pleased to announce the sale of The Drake Apartments (113 units) and Chetwynd Place Apartments (23 units), two apartment complexes that are within a block from one another in the Drake neighborhood of Des Moines.
Built in 1967, 1985-1986, The Drake consists of four garden-style apartment buildings less than a mile north of Interstate 235 while Chetwynd includes two buildings built in 1916 & 1964. Both properties are located within three blocks of Drake University and near many of the area’s amenities. The properties also provide excellent accessibility to the Des Moines area and cater to both student and non-student populations.
“We are very pleased with the excellent outcome of our value-add strategy and disposition of these two assets,” said Mike Perry, a Partner at ARTISAN Capital Group. “Our renovations of both communities coincided with other neighborhood investments that increased the values of these properties during our hold period.”