Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Brian Hummell
Director
614.468.5773 brian.hummell@berkadia.com
Ian Hilpl
Managing Director
315.406.0900
ian.hilpl@berkadia.com
Hunter LaRocca
Director
407.227.9643
hunter.larocca@berkadia.com
Kevan Enger
Senior Managing Director
407.494.8541
kevan.enger@berkadia.com
Manufactured Housing Investment Advisors
raplh depasquale
Managing Director
312.845.8572 ralph.depasquale@berkadia.com
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ORLANDO, FL OFFICE
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Orlando, FL 32801
DUBLIN, OH OFFICE
6555 Longshore Street
Suite 280
Dublin, OH 43017
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Des Moines, IA
Home to about 749,400 residents, the Des Moines-West Des Moines, IA, Metropolitan Statistical Area (MSA) is the most populous metro in the state. The metro’s economic vitality and low cost of living have made the region an attractive choice for people seeking a better quality of life, resulting in robust population growth. Since 2010, the number of residents living in metro Des Moines increased 22%, compared to 9% nationally. Greater Des Moines boasts a highly diversified economy that encompasses a wide range of industries, including one of the largest insurance clusters in the world. Fortune 500 company Principal Financial Services Inc. is headquartered in Des Moines, employing approximately 6,100 residents metrowide.
Cedar Rapids/Iowa City, IA
The Iowa City, Iowa, Metropolitan Statistical Area (MSA) is centered around the city of Iowa City in eastern Iowa. The area is well-connected by major highways, including Interstate 80, providing easy access to other major cities in the region. With an estimated population of 182,800 people in 2024, the MSA spans Johnson and Washington counties. The University of Iowa anchors the local economy, stabilizing the education, the healthcare, and the research sectors.
#21 Most Affordable Places to Live in the U.S.
- Rocket Homes Real Estate
9% below nat’l avg cost of living
Forbes
Top 10 Fastest-Growing Mid-Size Metro Areas
- Site Selection Group
#23 Happiest and Healthiest Cities in America
- Gallup-Healthways
#10 among the Top 20 Cities for Work/life balance
- Yardi CoworkingCafe
– smartasset
#4 best cities for working parents
#5 best places to livein cedar rapids area
– niche
#31 best places for small businesses
FORBES
Berkadia Manufactured Housing is pleased to present the Iowa Portfolio. This portfolio boasts 1,215 sites across 11 communities. The locations of these communities provide immediate scaled entry into the state and its most populous MSA’s including Des Moines, Cedar Rapids-Iowa City, and Davenport-Moline. The portfolio boasts a high occupancy rate of 91% with the majority of units being tenant-owned, facilitating a nearly autonomous investment. Additionally, the integration of public utilities in almost all communities and the close proximity of these sites facilitate operational efficiency, reduced management requirements, and the possibility of shared staffing. These competences lead to reduced operational costs and enhanced net operating income. Finally, there is substantial rental upside since the current rental rates are well below each respective market’s lot rent average. This offering presents an opportunity to gain scaled entry into several economically robust regions in Iowa by acquiring 11 communities with minimal oversight and below market rents.
Portfolio Summary
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77 Sites
Park Plaza MHP
2 Jody Dr. Muscatine,IA
82 Sites
Hazleton MHP
304 W. Hayes St. Hazleton, IA
102 Sites
Breckenridge Estates MHC
4494 Taft Ave, SE Iowa City, IA
127 Sites
Grinnell MHP
1510 First Ave. Grinnell, IA
129 Sites
Lakeview Estates
2300 W 79th Ave W Rock Island, IL
433 Sites
Table Mound MHP
9442 Noonan St. Dubuque, IA
11 Properties
1,215 Sites
Iowa 11-PaRk MHC Portfolio
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Davenport/Moline, IA
The Davenport-Moline-Rock Island, IA-IL Metropolitan Statistical Area (MSA), also known as the Quad Cities, is bisected by the Mississippi River and consists primarily of the cities of Davenport and Bettendorf in Iowa and Rock Island and Moline in Illinois. The bi-state region has about 384,100 residents and possesses a highly desirable combination of an excellent quality of life and a thriving employment environment. Manufacturing roots run deep in the metro area and advanced metal manufacturing continues to grow along with food production, agricultural innovation, logistics, and defense-related industries.
#27 in cost of doing business
– forbes
#44 best city to buy a house in America
– niche
16% below nat’l avg cost of living
- forbes
#9 Most Affordable Places to Live
- us news & world report
Cedar falls/Waterloo, IA
Spanning 573 square miles in the northeastern part of Iowa, Buchanan County is a picturesque region characterized by its rich agricultural landscape and vibrant small-town charm. The county is known for its robust farming economy, primarily focusing on corn, soybeans, and livestock. The Wapsipinicon River provides excellent opportunities for fishing, canoeing, and scenic views, contributing to the region’s natural beauty.
Dubuque, IA
Nestled along the banks of the Mississippi River, Dubuque is often referred to as the “Masterpiece on the Mississippi.” Dubuque is known for its stunning riverfront, historic architecture, and vibrant arts scene. The city’s economy is diverse with strong sectors in manufacturing, healthcare, education, and tourism. The city has undergone significant revitalization, particularly in the Port of Dubuque area, which now features the National Mississippi River Museum and Aquarium, along with a variety of restaurants and scenic walking trails. Cultural events and festivals, such as the DubuqueFest and the Julien Dubuque International Film Festival, draw visitors from across the region each year
41 Sites
Lakeside Estates
1 Elmira Court Bloomfield, IA
42 Sites
Rocklyn MHP
2835 70th St. Urbandale, IA
42 Sites
Frontier Village
201 21st Avenue South Fort Dodge, IA
65 Sites
Grimes MHP
600 S. Ewing Street Grimes, IA
75 Sites
Clear Creek MHP
36 East St. Tiffin, IA
investment highlights
BELOW MARKET RENTS
STABILIZED TURNKEY ASSET WITH OPERATIONAL EFFICIENCIES
SCALED ENTRY INTO IOWA
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