Pioneer Woods

Address: 1700 E Kirkwood Ave, Des Moines, Iowa, US

Chicago & Midwest + Apartments

Created date: September 5, 2023

Date last updated: September 5, 2023

Property Description

Long-Standing Non-Profit Owner-Operator Extremely Clean, Well-Maintained Townhome AssetGreat Mix Of Unit Types – Appealing To Various Renter ProfilesBasis Significantly Below Replacement CostOffered Free And Clear Of Existing DebtCurrent non-profit ownership has employed a long-term affordable housing strategy in lieu of maximizing Net Operating Income. As a result, the Property is ideally positioned for new ownership to add substantial operational value that will result in the ability to increase revenues. In addition, there is a clear opportunity to streamline operations and bring expenses in-line with market. Extremely Clean, Well-Maintained AssetCurrent long-term ownership has maintained the asset to the highest of standards, allowing the next owner to focus their future capital expenditures on items that will immediately result in a corresponding revenue increase. Residents of Pioneer Woods consistently note that the cleanliness of the property is what attracted them to the community in the first place and that the continued upkeep has kept them at the community. The asset is one of the best kept secrets in the submarket, as can be seen in the high historical occupancy. Strong and Well-Located Des Moines SubmarketThe Southeast Des Moines submarket has historically been a very strong and stable workforce submarket in the capital city. Nearly all comparable properties in proximity of Pioneer Woods are 100% occupied. Additionally, the submarket is strategically located near major job centers, minutes from Downtown Des Moines, logistics and manufacturing hubs, as well as the area’s four major hospitals.

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