Milwaukee-based developer Mandel Group, Inc. has purchased a 260-unit apartment complex in a suburb of Des Moines, Iowa.
The Springs of Waukee property is located in Waukee, Iowa, the second-fastest growing metro market in the Midwest, said Jason Babcock, vice president and director of acquisitions for Mandel Group.
“With the exception of Nashville, nowhere in the Midwest has growth been as robust and the employment base as diverse as it is in Des Moines,” Babcock said. “It’s a perfect market in which to own and operate high-quality apartment assets.”
The acquisition was completed by Prairiegrass Equity LLC, an affiliate sponsored by Mandel Group. The property is being rebranded and will be identified as “PrairieGrass Apartment Homes.”
Apple recently announced plans for a $3.5 billion data center development in Waukee, three miles from the apartment complex. Construction of the data center is scheduled to begin in 2018.
The apartment property was developed by an affiliate of Continental Properties of Menomonee Falls in 2015. Mandel Property Services, Inc. has assumed responsibility for property management and operations.
“We have looked for the right purchase to enter the Des Moines market for some time,” said Barry Mandel, president and CEO of Mandel Group. “The region has consistently added jobs in all employment sectors, with a high concentration in financial services, health care and agribusiness. We fully intend to focus our search and underwriting resources on future transactions in order to grow a larger business platform in this market.”
Mandel has acquired more than 3,800 existing apartments in select Midwest markets. Mandel currently has four new apartment developments under construction or in pre-construction planning in the metro Milwaukee area.
