Flux Apartments in downtown Des Moines sold for $15.8 million
January 12, 2022
A St. Louis-based property management group has purchased property in downtown Des Moines on which Flux Apartments and Onyx Office Suites is located, Polk County real estate transactions show.
Since July, at least six apartment buildings located in or around downtown Des Moines have been sold to out-of-state investors, a review of transactions shows.
The Flux Apartments property was sold to 2B Residential, a division of Balke Brown Transwestern, a commercial real estate brokerage, property managementand development company located in St. Louis.
The company, doing business as DIF II Flux LLC, paid $15.88 million for the property located at 1400 Walnut St. (pictured above).
The 90-unit, five-story apartment building was constructed in 2017 and 2018. It includes underground parking. The project was developed by Roers Co., based in Minnetonka, Minn.
The property is valued at $11.2 million.
The transaction was recorded Jan. 6.
Other downtown-area apartment properties that have been sold since July 1 include:
• Verve, a 128-united apartment high rise at 225 E. Center St., and Velocity, a 115-unit apartment building at 200 Des Moines St. The apartments had been owned by Hubbell Realty Co., which sold the property to a New York-based investment group. The apartments were sold for $51.8 million in transactions that occurred Dec. 13 and Dec. 14.
• A 213-unit apartment building at 201 S.E. Sixth St. that was developed by Indianapolis-based TWG Development LLC. District SPE LLC, based in Louisville, Colo., paid $40.75 million for the property in a transaction that was recorded Oct. 7.
• Jackson Crossing, a 244-unit complex at 100 Jackson Ave. The complex, developed in 2016, had been owned by local developers Jake Christensen, Jim Cownie and Paul Hayes, real estate records show. It was sold to Dakota UPREIT Limited Partnership, located in Fargo, N.D. The $33.9 million transaction was recorded Sept. 1.
• Bici Flats, a 152-unit, three-building apartment complex located at 1405 S.E. First St. The complex was developed by Nelson Construction & Development between 2016 and 2017. A group of investors in Missouri and Kansas bought the property for $22.5 million in a transaction that was recorded July 30. The name of the complex has been changed to Residences at River View.