Hampton Meadows and The Ridges Des Moines, IA

Des Moines, IA

• Over $4.2 Million Recently Invested  
• Proven Rent Upside Of $140+/Unit With Strategic Interior Renovations
• Strong Operations And Occupancy Trajectory
• Offered At An Attractive Basis
• Conveniently Located Proximate To Employers, Retailers And College
• Offered Free And Clear Of Existing Debt

Over $4.2 Million Invested in 2022  

Ownership has invested over $4.2 million dollars in both properties in 2022. Interior capital expenditure renovations include new security lighting, stairway and common hallway upgrades, and plumbing upgrades that support water conservation. Exterior improvements include landscaping, exterior paint, swimming service, and the addition of a dog park. In total, 236 units (65%+) have been fully renovated with new flooring, paint, doors, trim, fixtures, appliance upgrades and more. This extensive renovation will allow for minimal deferred maintenance for future ownership.

Proven Rent Upside of $140+/Unit with Strategic Interior Renovations   

Hampton Meadows and The Ridges will enable new ownership to realize significant rent premiums through a proven value-add renovation program. Over 65% of the units have been renovated, and classic units are primed for continued value-add implementation. Upgraded finish packages have resulted in an increase of more than $140 per unit monthly.

Strong Operations and Occupancy Trajectory

Current ownership has significantly improved operations of the assets and has dramatically improved occupancy to a high blended occupancy rate of 69%, which has risen from an occupancy rate of under 30% prior to renovations and the installation of new management. The current property manager is a 3rd party manager with an immense amount of experience within the submarket and is willing to stay in place for a new owner. 

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