Avenue Living, a Canadian owner and operator of residential rental properties, has spent $183.8 million to acquire apartment properties in Altoona, Grimes, Urbandale and West Des Moines, Polk County real estate records show.
Avenue Living, headquartered in Calgary, Alberta, was founded in 2006 and has properties in 22 locations in Canada, according to its website. The recent Iowa acquisitions appear to be Avenue Living’s first in the U.S.
Through limited partnership structures, Avenue Living paid:
- Cross Creek LLC $13.1 million for the Cross Creek-apartment complex at 8724 Meredith Drive and 8615 Iltis Drive in Urbandale, records show. The 5-plus-acre complex includes 120 units spread over four, three-story buildings. The complex, which includes garages, was built in 1997. The combined value of the properties is $10.1 million.
- Blue Ridge Commons LLC $52.8 million for 324-unit apartment complex at 1401 Adventureland Drive N.W. in Altoona, records show. The 18-acre parcel, developed between 2021 and 2023, includes a clubhouse. Some of the apartments include attached garages. The property is valued at $45.6 million.
- Altoona III LC $21.8 million for property at 1414-1616 Adventureland Drive N.W., records show. The two buildings, each with four floors, include a total of 118 units. The development, known as Altoona Towers, was completed in 2014. The value of the property was not available.
- Spruce Point Apartments LC $7.6 million for property at 1000 Adventureland Drive N.W., records show. Information about the property was not available online.
- Oak Crossing LLC $5.4 million for property at 310 S.E. Gateway Drive in Grimes, records show. The 3.5-acre parcel includes two three-story apartment buildings with a total of 60 units. The complex, developed in 1998, also includes detached garages. The property is valued at just over $5 million.
- Sun Prairie of West Des Moines LLC $36.2 million for property at 5901 Vista Drive in West Des Moines, records show. Detailed information about the property was unavailable.
- Vista Apartments LC $14.6 million for multifamily property at 5515 Vista Drive in West Des Moines. Detailed information about the property was unavailable.
- Timak Investment IV LC $14.2 million for multifamily property at 1233 Prairie View Drive in West Des Moines. Detailed information about the property was unavailable.
- A Meadows I LLC $17.87 million for multifamily properties at 615 and 619 17th Ave. N.W. in Altoona. The property at 615 17th Ave. N.W. includes 23 units and is valued at $2.13 million. The property at 619 17th Ave. N.W. includes three, three-story buildings with a total of 132 units. The property is valued at $12.2 million. The apartments, developed in 1996, are part of the Oakland Pointe complex.
The transactions were recorded Aug. 6 and Aug. 7…