Located in Des Moines Iowa, this property is centered in a growth development hub. Renovations are currently underway to enhance our property and provide an even better experience for our tenants. Our renovations include a re-imagined common area converted into a gym and relaxing hangout space for tenants to unwind and socialize. Unit renovations will include an addition of washer and dryers as well as bathroom and kitchen modifications. At Hammer and Hampel, we believe that a comfortable living environment starts with exceptional service. Our on-site management team is dedicated to providing top-notch customer service and ensuring our residents feel right at home. Through our capital projects and management efforts to increase the quality of life, we have been able to secure leases at a higher threshold.
The Drake and Chetwynd Apartments
Hammer and Hampel is excited to introduce The Drake and Chetwynd Apartments, a commercial property located in the vibrant city of Des Moines, Iowa. The Drake, situated adjacent to Drake University, comprises of 136 apartments spread over 6 buildings. The property offers a diverse unit mix with 113 units in The Drake and 23 units in Chetwynd Place. The breakdown include 66 1 bed/1 bath units, 60 2 bed/1 bath units, two 3 bed/2 bath units, and 8 2 bed/2 bath units. The Drake offers a great community space with an outdoor pool and grilling area. Hammer and Hampel's strategy involves renovating the remaining 110 units, capturing a significant portion of the current "loss to lease", and creating revenue-generating storage units on the lot. We are targeting a 5-year hold on this investment, but we are always evaluating multiple exit strategies to maximize investor returns.
Sunset Square, located in the heart of Ankeny, Iowa, presents 68 units consisting of 7-8 plexes and a 12 plex. The property boasted a strong occupancy rate, which provided a solid foundation for consistent income generation. The rehabilitation budget enabled Hammer and Hampel to update the property and increase its value. The renovation plan for Sunset Square included updating lights, and mirrors, installing new appliances, refurbishing and updating cabinets and hardware, and installing new flooring throughout the units. The final numbers included an IRR and Total Annualized of over 14%, all completed in under 24 months. The property was sold on May 25, 2023.