CHICAGO, DETROIT and KANSAS CITY, Mo. — October 18, 2019 — Berkadia today announced the combined sale of a portfolio of four multifamily properties located in Davenport, Iowa. Director Parker Stewart and Senior Managing Director Alex Blagojevich of Berkadia’s Chicago office, along with Senior Director Michael Sullivan of Berkadia’s Kansas City office, together completed the sale on behalf of the seller, Iowa-based Advance Homes, Inc. The buyer was Colorado-based Monarch Investment and Management Group, and the deal closed on August 23.
Senior Managing Director Peter Benedetto of Berkadia’s Detroit office also secured financing on behalf of the buyer for the acquisition of this portfolio.
“Since being developed in the 1970’s, all four properties were under the same family ownership, and extremely well maintained over the years,” said Stewart. “The physical condition of these buildings, along with the exceptional historic occupancy, offered the buyer both organic and value-add rent upside.”
The properties in the portfolio include:
- The Racquet Club, located at 5416 Appomattox Road, the property affords convenient access to Candlelight Creek, Quad City Botanical Center and The Rock Island Arsenal. The 149-unit property was completed in 1980 and features one-, two- and three-bedroom floor plans with walk-in closets, air conditioning and private patios and balconies. Community amenities include a pool, a playground, a tennis court and laundry facilities.
- Candlelight Commons, located at 605 W 53rd St allows for convenient access to St. Ambrose University and Interstates 80 and 74. The 147-unit property was completed in 1975 and features two, and three-bedroom floor plans with in-unit washer and dryers, air conditioning and walk-in closets. Community amenities include large walk-out basements and a pool.
- Candlelight Village, located directly across from Candlelight Commons at 5417 North Gaines Street, this 70-unit property was completed in 1979 and includes one- and two-bedroom floor plans.
- Candlelight Colony, adjacent to Candlelight Commons, and located at 5135 North Ripley Street, this 47-unit property was completed in 1975 and consists entirely of studio floor plans.