Dealmaker: Northmarq Brokers $21M in Multifamily Sales

(Highpoint at Pella, Pella, Iowa.)

Northmarq’s Midwest investment sales team announced $21.1 million in apartment property sales in Iowa and Missouri.

In Pella, Iowa, the team led by Managing Director Parker Stewart, Senior Vice President Dominic Martinez and Associate Anthony Martinez sold Highpoint at Pella, a 100-unit property at 340 East 13th Street. Northmarq represented seller Axiom Equities, Shawnee, Kan., in the transaction. The local buyer, HighPoint Apartments LLC, acquired the asset for $11 million.

“Highpoint at Pella has unique characteristics that generated interest from more than 100 investors across the country and ultimately led to nine written offers,” Stewart said. Due to Pella Corporation’s global headquarters and several other major employment drivers, there are thousands of people commuting to Pella daily, creating an extremely tight housing market. The asset had been under the same family ownership since it was built and was very well maintained with strong historical occupancy.”

Located 45 miles from downtown Des Moines, Highpoint at Pella offers one- and two-bedroom apartment homes near Lake Red Rock, the largest lake in Iowa.

The team also arranged the $10.1 million sale of Pinewood Park and Spring Hills in metropolitan Springfield, Mo. The property has 133 units on 10 acres.

“We collected a dozen offers and experienced a highly competitive bidding process, despite the tertiary nature of Springfield,” Dominic Martinez said. “This is a testament to the continued aggressive capital seeking high-quality product across the Midwest.”

Built in 2002, Pinewood Park and Spring Hills sits directly behind a Walmart-anchored retail center near a new Amazon distribution center.