February 16, 2018— Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing Autumn Ridge Apartments for sale. Autumn Ridge Apartments is a newly constructed, Class A, 434-home apartment community located in vibrant Waukee, a suburb of Des Moines, Iowa. Constructed in phases, the last four buildings of Phase II is scheduled for completion this year. The apartment community for sale offers investors significant scale in the booming Waukee submarket and the unique opportunity to acquire the second phase prior to stabilization.
The community is located at 1150 SE Olson Drive in Waukee, which is in Dallas County, the fifth fastest growing county in the U.S. Residents enjoy quick access to the top employers of Des Moines / West Des Moines, including Wells Fargo, Mercy Medical Center, Principal Financial Group and Athene USA Corporation. West Des Moines is home to dozens of corporate headquarters and thousands of white collar professional jobs, and Autumn Ridge is located 15 minutes or less from all of the top 10 employers within West Des Moines. Additionally, limitless shopping, dining and entertainment destinations, most notably in and around the Jordan Creek Town Center, are nearby.
Suburban Apartment Community for Sale Investment Highlights
- Exceptional Apartment and Community Features: The multi-housing property for sale offers condominium-quality apartments that average 1,078 square feet and feature fully equipped kitchens with white quartz countertops, white subway tile backsplash, a black appliance package, espresso cabinets and garbage disposals; in-unit washer and dryer; spacious walk-in closets; private patio or balcony; and open-concept floor plants. The property has resort-like community amenities, including a modern resident clubhouse, 24-hour fitness center, sparking swimming pool and sundeck and detached garage parking available.
- Strong Property and Market Demographics: Autumn Ridge is exceptionally located in relation to the largest employers, retail corridors and interstate highways in the affluent Dallas County and West Des Moines submarkets and just 20 minutes from downtown Des Moines. The immediate area near the property has one of the strongest demographic profiles within the Des Moines MSA. The average annual household income within three miles of the apartment community for sale is $153,829, and 37 percent of the population earns more than $100,000 annually. At $253,497, the median home value within three miles of Autumn Ridge Apartments is 45 percent higher than the Des Moines MSA median home value. Fifty-seven percent of area residents have at least a bachelor’s degree, and 14 percent hold secondary degrees. The 1.43-percent unemployment rate for the area is two percentage points lower than the overall Des Moines MSA rate (3.55 percent).
- Desirable and Expanding Des Moines/West Des Moines Market: Autumn Ridge is located within the Des Moines/ West Des Moines market, according to CoStar and Axiometrics. Characterized by strong historical rent growth, solid occupancy, a booming population and expanding employment, the submarket is projected to continue these positive trends.
- Top-Ranked and Rapidly Growing School District: The assigned public schools for Autumn Ridge residents are within the Waukee School District, one of the best and fastest-growing school districts in the state. Waukee High School, which is only three minutes from the property, is the No. 8-ranked high school in the state and in the top 10 percent of high schools nationwide, according to U.S. News and World Report. The state-of-the-art facility has been expanded four times since 2000 in order to accommodate larger enrollment. Due to the rapid growth of the Waukee School District, a second high school will be built less than two miles north of the property. Construction will begin in the spring of 2018 and doors will open in the fall of 2021. The recently constructed Grant Ragan Elementary School is in its inaugural year of educating Waukee residents just six minutes north of the property.
- The apartment community for sale offers an investor an asset in an excellent location with a quickly growing population. For more information on Autumn Ridge Apartments or other apartment communities in the Midwest, please contact David Gaines, Sean Fogarty or Jules Sherwood.