NEW YORK--(BUSINESS WIRE)--Besyata Investment Group and The Scharf Group, NY-based single family offices, have acquired Autumn Ridge Apartments in Waukee, IA for $58M. The purchase will be completed in two Phases for a total of 434 Units.
BH Management, Besyata’s long-standing partner and leading property manager of 70,000+ apartments across 23 states, will handle the day-to-day property management and leasing.
Autumn Ridge, a 434 class “A”, new construction luxury apartment community located in vibrant Waukee (suburban Des Moines), Iowa. The community is located within Dallas County, the 5th fastest growing county in the US. The community offers quick access to the top employers of Des Moines/West Des Moines including Wells Fargo, Mercy Medical Center, Principal Financial Group and Athene USA Corporation, as well as limitless shopping, dining and entertainment destinations, most notably, it is within ten minutes of the Jordan Creek Town Center, the 4th largest shopping complex in the Midwest.
The immediate area near the property has one of the strongest demographic profiles within the Des Moines MSA. Waukee has experienced exponential growth over the last two decades, it was named the fastest growing city in Iowa. The job market is booming and has created a strong draw for young educated professionals. The property is in the Waukee Community School District, one of the best and fastest growing school districts in the state. Waukee is known as an active, family-friendly city with plenty of outdoor leisure opportunities. Autumn Ridge has convenient access to all the finest recreational activities in the West Des Moines areas.
The Des Moines market is experiencing strong fundamentals through job and population growth driven by a robust economy and a business-friendly investment environment, asking rents in the submarket have risen considerably in the past few years. Occupancy rates have continued to remain strong and the pace of demand in the next 4-5 years is expected to outpace that of new supply.
Besyata Investment Group
A NY-based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Besyata currently owns and operates a multifamily portfolio spanning nine states, consisting of 5,000+ units.
The Scharf Group
A NY-based fourth generation family office; owner, developer, and operator of a large portfolio of commercial, multifamily, healthcare & senior housing properties nationwide.