Drake University Portfolio 6 biens | Immeuble residentiel | Des Moines, IA

Stanbrough Realty Company is pleased to present the Drake University Portfolio, a 56-unit multifamily offering located just five minutes north of Downtown Des Moines. This well-positioned portfolio is only minutes from Drake University’s campus and offers tenants convenient access to a wide range of amenities including grocery stores, pharmacies, fitness centers, and fast-casual dining. The portfolio consists of six buildings totaling 56 units, featuring 48 two-bedroom/one-bath units, 7 one-bedroom/one-bath units, and one three-bedroom unit. Current in-place rents average $650 for one-bedroom units and $741 for two-bedroom units. Recent capital improvements include new roofs, water heaters, windows, and LVP flooring installed in the common areas and approximately 85% of the units.
The Drake Portfolio primarily serves a blue-collar tenant base with strong demand for affordable housing options in close proximity to key employment centers. Major employers in the Des Moines metro area include Principal Financial Group, MercyOne Medical Center, and Wells Fargo. Ownership has self-managed the property for decades, maintaining consistent occupancy and minimizing expenses. All 56 units are currently occupied on month-to-month leases, providing incoming ownership with immediate flexibility to increase rents or reposition the asset.
This offering presents a strong value-add opportunity through the implementation of a utility reimbursement program (RUBS), rental rate adjustments to match market comparables, and strategic interior and common area updates. With consistent operational performance, a highly desirable location near Drake University, and the ability to unlock value from day one, the Drake University Portfolio is an ideal opportunity for investors seeking stable cash flow with upside potential in one of Des Moines’ most active rental corridors.