Haverkamp Group, Inc

The Emory

Altoona, IA 

Class A, 300-unit market-rate apartment community located along Hwy 65 in Altoona, IA, near new retail and restaurants.

Image of common room in the emory club

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. 


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.


Annualized operating cap rate of 6.5% as of January 31, 2023.




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