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Gray's Lake Apartments

304 Units | Built 1968

Investment Highlights

  • 304 Market Rate Units
  • 1968 Construction
  • Located in Southwestern Hills Neighborhood - Surrounded by Greenery, Numerous Restaurants and Stores
  • Solid Amenity Package Including Clubhouse, Swimming Pool, and Fitness Center
  • Large 1, 2, and 3 Bedroom Floorplans Ranging from 680 SF - 1,200 SF

The Opportunity

Gray’s Lake is less than a 10-minute drive from Downtown, I-235 (central corridor), and the Des Moines Airport. The location offers tenants a quiet and convenient setting, surrounded by parks, numerous stores, restaurants, entertainment, and schools. The asset has been extremely well maintained over the years, offering investors a turn-key opportunity with the ability to rehab units, while avoiding any ‘heavy lifting’. Current rent levels are significantly lower than almost every competitor in the submarket, and the property has maintained strong historical occupancy levels over the years (currently 95%).

  • Excellent ‘Work Force’ Location
  • Solid Occupancy Levels – Currently Mid 90s%
  • Rent Levels Substantially Below Competitors In the Submarket
  • Offered Free and Clear
  • Approximately $2,000,000 in capital expenditures by current ownership since 2013 - major items include parking lot, roofing, plumbing, electrical, boilers, water heaters, and replacement of all unit balconies

THE PROPERTY

UNIT Amenities

  • Air Conditioner
  • Ceiling Fan
  • Walk-in Closets
  • Extra Storage
  • Cable/Satellite Ready
  • Heating Paid
  • Carpeting
  • Balcony/Patio/Deck
  • Internet Available
  • Gas Stove
  • Window Coverings
  • Refrigerator

COMMUNITY Amenities

  • Laundry Room
  • Playground
  • Swimming Pool
  • Dog Park
  • Fitness Center with Free Weights
  • Detached Garages
  • On-Site Maintenance and Management
  • Close to Public Transportation
  • Package Receiving
  • Off Street Parking    

THE LOCATION

ECONOMIC SNAPSHOT

Document Center

Click on Documents Below to Register

CONTACT US

Investment Advisors

PARKER STEWART

Director

parker.stewart@berkadia.com

312.845.3094

MICHAEL SULLIVAN

Senior Director

michael.sullivan@berkadia.com

816.759.0369

ALEX BLAGOJEVICH

Senior Managing Director

alex.blagojevich@berkadia.com

312.845.3088

Financing

CHICAGO OFFICE

125 South Wacker Drive, Suite 400

Chicago, IL 60606

312.957.7391

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. 

©2019 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx