Axiom Properties Acquires Landing Of Clinton Multifamily From Haverkamp Group For $27.4M

Axiom Properties acquired a multi-family asset located at 2582 Friendship Trail in Clinton, IA. The property consists of 190 units and was sold for a total of $27,400,000, reflecting a per unit price of $144,211. The acquisition is noted to have a cap rate of 7.4% based on the previous year's net operating income of $2.03 million. The property is financed with a $10.51 million Freddie Mac loan and includes amenities such as pools and modern units.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $27,400,000
• Buyer: Axiom Properties
• Seller: Haverkamp Group of Ames
• Broker: Northmarq
• Units: 190
• Price Per Unit: $144,211
• Cap Rate: 7.4%
• Net Operating Income: $2,030,000
• Loan Amount: $10,510,000

Northmarq acted as the broker for the transaction, representing the sale between Axiom Properties and Haverkamp Group of Ames, facilitating the deal details that led to the successful acquisition of the property.