Country Hill Apartments
Cedar Rapids, IA
In a joint venture with two regional real estate firms, General Capital partnered in the acquisition of a 260-unit workforce housing portfolio located in Cedar Rapids and Newton, Iowa. Although marketed by a national real estate brokerage, the JV believed that the portfolio’s size, location in tertiary markets, classification as affordable housing and loan assumption requirement restricted the number of potential buyers. Both Cedar Rapids and Newton have growing populations and strong local economies. The JV will invest a meaningful amount of capital to upgrade both interior and exterior building aesthetics while taking advantage of the strong supply-demand fundamentals in the workforce housing space.