NOTABLE TRANSACTIONS: Soll Apartment property sold to New York investment group
Wednesday, November 9, 2022 8:00 AM
A New York investment group has purchased property in Des Moines that includes the Soll Apartments at 2301 Ingersoll Ave., Polk County real estate records show. 
Spruce Properties, a New York City-based professional services firm that specializes in real estate and investment management, paid $32.87 million for the property, which includes 2.2 acres. Spruce Properties bought the property through an entity it manages, Soll Owner LLC.
The four-story, C-shaped building (pictured) includes 165 apartment units spread over three levels as well as street-level commercial space. Gusto Pizza Bar recently opened in one of the commercial spaces.
Construction of the 195,609-square-foot building was completed in 2018. The property is valued at $27.5 million.
In a related transaction, Spruce Properties paid a different entity managed by Roers Cos. $130,000 for a nearly half-acre parcel that abuts the north side of the Ingersoll property.
Both transactions were recorded Nov. 3.
Spruce Properties, the multifamily investment affiliate of Spruce Capital Partners, entered the Iowa market in late 2020 when it purchased several Ankeny apartment buildings. A year later, the company acquired Verve, a 128-unit apartment high rise on East Center Street, and Velocity, a 115-unit apartment building on Des Moines Street. Both properties had been owned by Hubbell Realty Co.
In other transactions:
Hope K Farms LLC, located in West Des Moines, paid Swaich Enterprises LLC $680,000 for property sandwiched between Beaver Creek and Iowa Highway 141 north of Grimes, records show. The 35.4-acre parcel is undeveloped. The transaction was recorded Oct. 31.
Prairie Vista Farms LLC, located in Prairie City, paid Brent Murrow, Kimberley Morrow, Cynthia Brady, Kent Brady and Susan Foster $1.7 million for nearly 120 acres of farmland in eastern Polk County, records show. The land is generally southeast of Northeast Third Avenue and Northeast 100th Street. The transaction was recorded Nov. 1.
Frontier Church paid Mizo Church of Iowa Inc. $755,000 for property at 4440 College Ave. and 1537 45th St. in Des Moines, records show. The property includes a 14,266-square-foot church built in 1942 and surface parking. The transaction was recorded Nov. 2.
Keith Shah and Laura Shah paid the Douglas Dehaan Revocable Trust $1.75 million for property at 1745 Glen Oaks Drive in West Des Moines, records show. The property includes a 3,389-square-foot house built in 2015. The transaction was recorded Nov. 2.
VC7 LLC, located in Denver, Colo., paid 1201 E Bell Ave LLC $2.7 million for property at 919 and 1201 E. Bell Ave in Des Moines, records show. The property includes three three-story apartment buildings constructed in 1997. Each building includes 12 units. The properties are valued at $2.1 million. The transaction was recorded Nov. 2.
MD6 Clive LLC, located in Cedar Rapids, paid Clive Centre Shoppes LLC $2.75 million for property at 11084 Hickman Road in Clive, records show. The property includes an 8,272-square-foot neighborhood shopping center built in 2006. The property is valued at $1.78 million. The transaction was recorded Nov. 3.
Dallas County
Dean Shivvers and Caitlyn Shivvers paid Kyle Whelan $1 million for property at 34968 Vintage Trail in Waukee, Dallas County real estate records show. The 1.7-acre parcel includes a 2,188-square-foot house built in 2005. The transaction was recorded Oct. 31.
MavenCrux I LLC, located in Waukee, paid Shadow Creek Estates LLC $1.9 million for 16 acres east of Warrior Lane/V Avenue in Clive, records show. The parcel is undeveloped. In October, the Clive City Council and Planning and Zoning Commission approved site plans for a development that includes detached senior-oriented townhouses with two-car attached garages, according information provided the council and commission. The transaction was recorded Oct. 31.
Waukee ZC Essential DST, located in Oak Brook, Ill., paid Hy-Vee Inc. $5.8 million for property at 155 Hickman Road in Waukee, records show. The 1.6-acre parcel includes a 6,521-square-foot convenience store with fuel pumps constructed in 2021. The transaction was recorded Oct. 31.
Viktor Vali and Amy Vali paid Brandon Bose and Katie Bose just over $1 million for property at 3653 N.W. 177th Court in Clive, records show. The property includes a 2,279-square-foot house built in 2021. The transaction was recorded Nov. 2.
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