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Wakonda Village & Manor Apartments

382 Units | Built 1952 & 1973

Des Moines, IA

The Opportunity

Wakonda Village and Manor Apartments is a well-located apartment community in Des Moines and sits directly across Watrous Avenue from Wakonda Club, one of the premier country clubs in town. The property is a quick 10-minute drive from downtown, and just two miles from the Des Moines Airport. The asset is 382 total units, comprised of 272 market rate units (Wakonda Village), and 110 affordable units under a Section 8 Senior HAP contract (Wakonda Manor). The HAP units have maintained a very strong and consistent historical occupancy, and currently have a waiting list.

Over the last several years, 60% of the market rate units have had kitchen cabinets replaced, along with upgraded countertops. These units are achieving significant monthly rent premiums that are reflected in the current rent roll, leaving a buyer the ability to bring the remaining 113 units to the “fully upgraded” standard and increase rents to current premium levels.

  • Proven Value Add Opportunity on Wakonda Village – Current Monthly Premiums of Up to $180 on Slightly Rehabbed Units (Kitchen Cabinets and Countertops)
  • Consistent Cash Flow from Wakonda Manor – Currently 100% Leased
  • Opportunity to Sell Wakonda Manor Individually, and Reduce Basis in Wakonda Village
  • Ability to Option Out of HAP Contract
  • New Clubhouse Built in 2006 with Fitness and Business Center
  • Offered Free and Clear, or Ability to Assume Existing Debt at Below-Market Interest Rate

Investment Highlights

  • 271 Market Rate Units (Wakonda Village) & 110 HAP Units (Wakonda Manor)
  • Built Across Multiple Phases in the 1950’s and 1970’s
  • Strong Amenity Package including Swimming Pool and Clubhouse Built in 2006
  • Conveniently Located 10 Minutes from Downtown Des Moines
  • Proven Value-Add on Slightly Rehabbed Units

THE PROPERTY

UNIT Amenities

  • Central Air & Forced Heat
  • Dishwashers
  • Frost Free Refrigerators
  • Garbage Disposal
  • Private Patios and Balconies*
  • Spacious Closets

*Select Units

COMMUNITY Amenities

  • Clubhouse with Wi-Fi
  • 24-Hour Fitness Center
  • Swimming Pool
  • Business Center
  • Pet Friendly
  • Bark Park
  • Garages
  • Courtyard / Picnic Area
  • Laundry Facilities
  • Located on Public Transportation Route
  • High-Speed Internet Access
  • Lush Landscaping

THE LOCATION

ECONOMIC SNAPSHOT

DOCUMENT CENTER

CONTACT US

Investment Advisors

Investment Advisors

Parker Stewart

Director

Parker.Stewart@berkadia.com
312.957.7392

Michael Sullivan

Senior Director

Michael.Sullivan@berkadia.com
816.759.0369

Alex Blagojevich

Managing Director

Alex.Blagojevich@berkadia.com
312.845.3088

financing

Laura Cathlina

Managing Director

Laura.Cathlina@berkadia.com
312.845.1887

CHICAGO OFFICE

125 South Wacker Drive

Suite 400

Chicago, IL 60606

312.957.7391 | Fax: 312.957.7871

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

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