Ironwood Apartments
Altoona, IA
Class A, 297-unit market-rate apartment community conveniently located along 1st Ave S in Altoona, IA.
Property Description:
Status: | Currently Owned & Operated |
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Type: | Market Rate Housing |
Location: | Altoona, IA |
Class Type: | Class A |
Years Built: | 2015-2018 |
Units: | 297 |
Investment Highlights
Original Investment Date: | August 2014 |
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% 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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