Greater Des Moines Supportive Housing Acquires Two Hotels For $15 Million In Iowa

The transaction involved the sale of two extended-stay hotels located at 2701 Westown Parkway in West Des Moines and 3940 114th Street in Urbandale, Iowa. The sale was completed for a total price of $15,000,000, resulting in a price per square foot of $149, with a total square footage of 100,386. The two properties contain a combined total of 193 units, equating to a price per unit of $77,720.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $15,000,000
• Address: 2701 Westown Parkway & 3940 114th Street
• Market: West Des Moines & Urbandale, IA
• Square Footage: 100,386
• Price per Square Foot: $149
• Units: 193
• Price per Unit: $77,720
• Buyer: Greater Des Moines Supportive Housing
• Seller: BRE/ESA Properties LLC

Greater Des Moines Supportive Housing has acquired the hotels with the intention of converting them into 193 permanent supportive housing units aimed at assisting vulnerable residents who are dealing with homelessness or housing instability.