Capstone is pleased to present College Hill, a rare and exciting opportunity to acquire a dynamic mixed-use property located in the heart of downtown Des Moines. Originally built in 1968, expanded and renovated in 2017, College Hill is comprised of 86 student/market-rate apartments and anchored by 44,408 square feet of life sciences commercial space. The commercial space, occupied by Mercy College of Health Sciences and co-signed by Catholic Health Initiatives, accelerates demand for the 86 student units. All tenants benefit from this supportive environment, making it an attractive and highly desirable investment opportunity. Future ownership will also enjoy long-term tax abatements and tax incremental financing saving a combined $350,000+ per year in taxes. The tax benefit is coupled with the peace of mind of an essentially new construction property as current ownership implemented over $12 million to renovate major systems, common/amenity spaces, apartment interiors and the property expansion.
- Strong long term commercial tenant creating congruence of uses.
- Tax incentives via TIF & Abatement.
- Property Development and Full Renovation.