Haverkamp Group, Inc

Ironwood Apartments

Altoona, IA 

Class A, 297-unit market-rate apartment community conveniently located along 1st Ave S in Altoona, IA. 

Ironwood apartments in altoona iowa

Property Description:

Status: Currently Owned & Operated
Type: Market Rate Housing
Location: Altoona, IA
Class Type: Class A
Years Built: 2015-2018
Units: 297

 

Investment Highlights

Original Investment Date: August 2014
% of Original Investment Returned - 5 Years: 76.3%

 

 

Investment Background

Ironwood is a luxury apartment community conveniently located along 1st Ave S in Altoona, IA. The property offers one, two, and three bedroom apartments featuring energy-efficient appliances, granite countertops, fireplaces, and walk-in closets, as well as luxury amenities such as a 24-hour clubhouse and fitness center, swimming pool, playground, dog park, and more. 

Execution

The development was completed by Haverkamp Construction in three phases between 2015-2018 with a total cost of $30.5 million.

Results

This asset has returned a Multiple of Invested Capital (MOIC) of 1.81 as of January 31, 2023 and continues to maintain occupancies averaging 97%.

 

 


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