Haverkamp Construction 2024 Review
2024 has been a different year for Haverkamp Group on the construction and development side of the company. I’d like to highlight the last year and give an update on the team’s efforts this year.
|
EMORY NORTH LIBERTY Our construction team successfully completed phase 1 of the Emory North Liberty and opened the final building at the end of October. The project has been a great success. The construction team learned the challenges of working outside of the Ames/Des Moines market, something we intend to do more of. Working with a largely new set of trade partners, in a new municipality, with new Haverkamp staff could have been a recipe for disaster; but our team adapted quickly to overcome these obstacles. A lot of new long term trade relationships have been established, and we look forward to working long term in the greater Iowa City/Cedar Rapids market. In addition to highlighting the construction team’s success, it’s important to point out how well the project was received in the marketplace. Rent up in the beginning went extremely well. Demand in the fall dropped, as expected, but has remained steady. Actual average rent rates are at proforma, and leasing velocity is close to on par. The leasing staff has done a tremendous job leasing and assisting new residents. Reviews on Google from residents have also been positive with a 4.6-star average! Given the success of the first phase, we felt it was a good idea to get started with site work and foundations for phase 2. This phase will add five additional buildings and garages. In November, we started dirt work and prepared to put foundations in the ground. As weather permits, we’ll continue through the winter with underground work and plan to go vertical in the spring. We look forward to continuing to work with our trade partners in the community as we continue phase 2.
ATTIVO ANKENY Our teams have decades of experience navigating the different economic times. In 2024, many banks stopped financing new loans. This initially slowed our phase 2 construction. Thankfully, our strong positive reputation with banks allowed us to secure a new loan for phase 2. The construction team is back on site and making great progress. We’re currently looking to complete the first portion of phase 2 early in 2026 and the remaining part in fall of 2026. The leasing team expects phase 1 to be stabilized prior to phase 2 being complete. -Zack Ludwig, COO Haverkamp Construction.
|
|
 |
 |
 |
 |
