1216 E Seneca Dr.
Property Description
SIGNIFICANT CAPITAL EXPENDITURE - OVER $6M Ownership has invested more than $6 million across the portfolio to modernize and reposition the assets, including full interior renovations, new roofs, exterior painting, mechanical upgrades, and landscaping enhancements. These improvements have significantly reduced deferred maintenance, enhanced curb appeal, and elevated unit finishes to modern standards—positioning the portfolio for strong rent growth and minimal near-term capital needs. MODERNIZED UNITS WITH CLEAR VALUE-ADD POTENTIAL Significant capital improvements across the portfolio have transformed the majority of units into modern, desirable homes. • Highland Park (135 units) – Fully renovated interiors and exterior improvements. • Magnolia Park (51 units) – Recently renovated throughout with the opportunity to add washer and dryer hookups and units. • Six on 6th (48 units) – Building 603 (12 units) at Six on 6th has been fully renovated with permitted electrical, plumbing, and HVAC work — over $1 million invested in this building alone. The remaining six buildings (36 units) have also been recently renovated. The ability to add washer and dryers to the units at Magnolia Park provides new ownership the opportunity to increase rents an average of $50 per month per unit. ATTRACTIVE ASSUMABLE DEBT IN TODAY’S RATE ENVIRONMENT The portfolio offers the ability to assume in-place financing, featuring: • 5.38% fixed interest rate • 05/01/2030 maturity date • 1 year of interest-only payments • $13,505,000 outstanding balance This attractive debt structure allows investors to immediately benefit from favorable financing terms compared to current market rates. DIVERSIFIED PORTFOLIO WITH SCALE With 234 units spread across three distinct assets, investors gain the benefit of immediate scale while diversifying risk across multiple submarkets. The portfolio’s size provides opportunities to leverage economies of scale, optimize operations, and enhance overall management efficiency. STRONG DES MOINES MARKET FUNDAMENTALS The Des Moines metro continues to demonstrate healthy multifamily performance, supported by strong economic growth, a stable employment base, and ongoing population expansion. The city’s affordability and livability attract both young professionals and families, positioning these assets to perform well through multiple cycles.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 234 |
| Year Built: | 1918 |
| Opportunity Zone: | No |
| Property Website | Click Here |
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