Westlakes Condos Sold in a Deal a Long Time Coming BY KENT DARR | Senior Staff Writer | @KentDarr A Missouri real estate investment trust has made its first purchase in Greater Des Moines, a complicated, $35.5 million deal involving the 300-unit Westlake Condominiums in West Des Moines, and it is in the market for more. Missouri Valley REIT started buying units in October and recently wrapped up its final purchase. The majority were owned by Jim Sinclair's Westlakes Investment LLC. The final deed was filed Monday. Ryan Jensen of CBRE|Hubbell Commercial represented Missouri Valley REIT, an 8-year-old firm based in Springfield, Mo., that wants to continue buying Greater Des Moines property. Jensen said the company is looking for 1,000 or more units and is interested in off-market deals. A multitude of lawyers, the folks at Iowa Title in Adel and city of West Des Moines building inspectors helped the deal along. Iowa Title tracked down and examined more than 300 abstracts. Though Sinclair owned the majority of the units, attorney Chris Langpaul was called in to help nearly 60 owners with the legal work for their individual sales. Because rental certificates had not been renewed, West Des Moines inspectors made several trips to Westlake, located on 92nd Street, to make sure such things as smoke detectors were in working order.Read full article here.
From Kent Darr at the Business Record:Read more