The Emory
Altoona, IA
Class A, 300-unit market-rate apartment community located along Hwy 65 in Altoona, IA, near new retail and restaurants.
Property Description:
| Status: | Complete & Stabilized |
|---|---|
| Type: | Market Rate Housing |
| Location: | Altoona, IA |
| Class Type: | Class A |
| Years Built: | 2020-2022 |
| Units: | 300 |
Investment Highlights
| Original Investment Date: | August 2020 |
|---|---|
| In-Place Rents vs Pro Forma | 134% |
Investment Background
The Emory is a luxury apartment community located near the intersection of Hwy 65 and I-80 in Altoona, IA, near major employers (Amazon & Facebook) and rapidly developing new retail and restaurants. The property offers high-end amenities such as a 24-hour clubhouse and lounge, fitness center, outdoor pool and entertainment areas, electric vehicle charging stations, and more.
Execution
Construction of Phase 1 (168 units) started in 2020 and Phase 2 (132 units) concluded in November 2022. All but one of 300 units were pre-leased prior to building openings. Occupancy currently sits at 99.3% as of February 2023, with in-place rents over 30% more than original projections.
Results
Annualized operating cap rate of 6.5% as of January 31, 2023.
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