Hunter’s Run Apartments
2018Year Acquired |
72Total Units |
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.
KEY THEMES
- Affordable workforce housing provides quality apartment homes serving individuals and families in the Newton community
- Resident-focused community offers thoughtfully designed one-, two-, and three-bedroom floor plans with modern conveniences
- Strategic location provides convenient access to major employers, schools, parks, and downtown Newton
- Professional property management emphasizes long-term resident satisfaction through responsive service and quality amenities
- Well-maintained community supports affordable living while providing modern comforts and everyday convenience
RESULTS
- Successfully preserved 72 affordable workforce housing apartments serving the Newton, Iowa community
- Delivered a diverse mix of one-, two-, and three-bedroom residences designed to meet a variety of household needs
- Created a welcoming residential environment featuring modern apartment amenities, green space, and community gathering areas
- Established a conveniently located workforce housing community with easy access to employment centers, schools, and recreational amenities
- Expanded long-term affordable housing opportunities through continued investment and professional property management
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