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THE LYON, DES MOINES, IA

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6%

Preferred Return

5-6%

Cash on Cash

14-15%

IRR

2.25x

Equity Multiple

THE LYON

HEDGE AGAINST INFLATION WITH
LONG TERM CASH FLOW IN CLASS A LOCATION

NUMBER 1
JOB MARKET

PREMIUM
DOWNTOWN LOCATION

127 UNITS
11 STORIES

The Lyon is a 127 unit 11 story multifamily project located in a premium downtown location.

With lower risk fixed rate leverage (67% LTV) this project is perfect for investors looking for more security and a conservative investment, yet desire strong upside.

With the addition of 3 new units, upgraded amenities and improved management, we expect an average $138/unit increase in rents and with further upside potential.

Completely renovated units to A Class standards, a skyline terrace, complimentary coffee bar, fitness studio, bicycle storage and on-site parking availability make it appealing to long-term renters.

Located in the desirable Des Moines market which is the #1 Hottest Cities for Jobs.

A+ Location in the rapidly growing East Village neighborhood of Des Moines – the building overlooks the downtown skyline over the Des Moines River with an incredible view of the golden dome of the State Capital.

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Deal Info

Purchase Price: $18,250,000
CapEx: $1,500,500
Current Occupancy: 96%
Units: 127
Commercial Space: + 6,390sf of commercial/retail space (2,250 sf of which will be converted to 3 apartments)
Current Average Rents: $1.69/sf
Projected Average Rents: $1.92/sf
Targeted Hold Period: 7 Years

Business Plan

Lyon is a beautiful property, in a stellar location. All units have been upgraded to Class A finishes in 2016, with 24 additional units built in 2018. Therefore, the focus will be on improving operations by adding onsight management, improving the resident amenities, and adding 3 units by converting existing retail.

Upgrades & Upside Includes

Modern paint on exterior, including modern painted murals.
Upgrade entryway interior & exterior
Adding 2nd Floor Hot tub & city overlook hangout area for residents.
Add 3 Units by converting 2,250 sf of vacant retail into three 700sft 2bd/1ba apartments
Upgrade Gym & Fitness Area Amenities
Plus opportunity to add up to 7 new units (excluded from proforma)

Planned renovations are expected to increase in-place rents by a blended average of $138, or 13.5% higher than current in-place rents.