Fund II
The Summit at Heritage
Grimes, IA
309
Units
15-20%
Targeted IRR
2.0-2.5x
Targeted Equity Multiple
Highlights:
- Largest metropolitan statistical area in IA
- Microsoft Corporation and Apple, Inc investing over $5 Billion, combined, in data centers
- 7.4% population growth next 5 years vs. US avg of 4.69% (Des Moines)
- Key renter demo (18 to 35yrs) is expected to grow 56.2% by 2026 (Grimes)
- #5 on Best Place to Live in the US; 2 years running (Des Moines)
- Rapidly growing commercial, medical, educational, and cultural hub
- Revenue growth: current rent trails competitors by $150 – $225
- Easy access to 4 major highway systems
Metrics:
- Total Square Footage:Â 296,237
Year Built: 2019 & 2020
Class: A