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Nexus at Gray’s Landing

Nexus at Gray’s Landing

415 SW 11th St  /

Property Details

Price:
Property Type Multifamily
Total Lot Size: 3.02 Acres
Year Built: 2018
Number of Units: 142
Garages: 140
County: Polk

Description

Michel Commercial Real Estate is pleased to present an exclusive listing for The Nexus at Gray’s Landing — an award winning, best-inclass, 142-home, mixed-use, luxury apartment complex with modern finishes and upscale, resort-style amenities. Situated in Des Moines, Iowa and developed by the highly esteemed Sherman Associates in 2018, the addition of the Nexus at Gray’s Landing to the Des Moines landscape has been well-received and is an asset to the community. This gorgeous property has retail and office space on the lower level with a desirable unit mix of apartment homes. Each of the pet-friendly homes features high-end finishes, including granite kitchen islands, stainless steel appliances, high-efficiency in-home washers and dryers, luxury plank flooring, spacious walk-in closets, tile backsplashes, and balconies or patios (in select units). The complex is rich with desirable amenities including, a community garden, a picnic area with a grill, a 24-hour fitness center, an outdoor pool, underground parking, and more. The Nexus is located in a growing pocket of Des Moines and offers convenient access to the shopping, dining, and attractions of downtown Des Moines. Outdoor enthusiasts are less than five minutes from Gray’s Lake Park, Principal Park, and the shores of the Des Moines and Raccoon Rivers. For those with a commute, the Nexus offers easy access to Interstate 235 and Highway 69. The Nexus at Gray’s Landing has strong occupancy, 4+ years of tax abatement, and an assumable HUD loan (2.94% fixed rate, matures 3/1/2058). Offering modern, luxury living, in a convenient location, close to the amenities of the city and coupled with easy access to green space and major highways, the Nexus at Gray’s Landing is a standout property where residents are proud to call “home.”

Location

Des Moines is the capital and largest city of the state of Iowa. Situated in the central part of the state, the city lies along the Des Moines River. Des Moines is known for its relatively flat terrain, with gently rolling hills and a mix of urban and suburban neighborhoods. Here is what Des Moines has to offer: Job Opportunities: Des Moines has a diverse economy with a strong presence in insurance, finance, and agriculture. It is home to numerous corporations and organizations, providing a range of job opportunities across different industries. Parks and Outdoor Activities: The city boasts an extensive park system, providing residents with plenty of green spaces and opportunities for outdoor activities. Whether it’s hiking, biking, picnicking, or boating, there are recreational options for everyone. Strong Economy: The city has seen consistent economic growth over the years, leading to a stable job market and overall financial well-being for its residents. Education and Healthcare: Des Moines is home to reputable educational institutions and healthcare facilities. Families with children can benefit from the quality public and private schools in the area, while the city’s healthcare services ensure access to top-notch medical care. Cultural and Recreational Activities: Des Moines offers a vibrant arts and cultural scene, with numerous museums, theaters, art galleries, and live music venues. The city hosts various festivals and events throughout the year, providing residents with ample opportunities for entertainment and community engagement. Friendly Community: Des Moines is known for its welcoming and friendly atmosphere. Residents often take pride in their city and actively participate in community events and activities. Short Commutes: Compared to larger metropolitan areas, Des Moines generally has shorter commuting times, resulting in less stress and more time for personal pursuits and family life.

Highlights

Stabilized Asset

• Strong Occupancy
• Solid In-Place Income
• Impressive Lease-Trade-Out Data (7.4% avg. rent increase)
• 4+ Years of Tax Abatement Tax Abatement Value: $1,949,819 (includes a 5.5% discount rate)
• Assumable HUD Loan (2.94% Fixed Rate, Balance $19,624,520, P&I Payment $79,370, Matures 3/1/2058)

Convenient, Urban Location

• Near Retail
• Minutes from Principal Park
• Close to Downtown Des Moines
• Easy Access to Interstate 235 and Highway 69

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