Downtown VUE Offering Closed: $3.25MM Raised
We’re pleased to announce that we closed fundraising for the Downtown VUE, LLC, raising $3,250,000 from investors across the Midwest.
Downtown VUE, LLC will feature 111 new apartments in the northern gateway of downtown Des Moines, IA. The buildings’ exterior features an edgy urban design that is walkable to area campuses. The sleek, stylish interior finishes will appeal to prospective downtown residents. The project will include one-, two- and three-bedroom units, which are larger than typically
found downtown to accommodate roommate situations. VUE’s location is well-placed among some of Des Moines’ most prominent employers and their campuses. To the northeast are
Mercy Medical Hospital & College and the Des Moines Area Community College downtown campus. Immediately to the south is the world headquarters of Principal Financial, currently undergoing a nearly $300 million renovation. The site is also near the riverfront, Wells Fargo Arena, Convention Hall & Hotel, and more.
VUE is the third project that Ernst Capital has partnered with Hubbell Realty Company, a leading developer and property management firm based in West Des Moines, IA.
Dakotas Fund IV Closed, Raised over $11MM
Ernst Capital is pleased to announce that fundraising for the Dakotas Real Estate Income Fund IV has closed. Private investors throughout the Midwest committed $11,850,000 in capital for developments valued at over $47,000,000.
In early July, we’re going to be distributing over $370,000 to Dakotas Fund IV investors, and plan to continue with monthly distributions going forward. Thank you to all who invested in or considered the Dakotas Fund IV.
Dakotas Fund IV Ownership: 100%
Park88 is a new development under construction in West Des Moines, IA. When complete, the project will feature 161 total units of apartments and townhomes. The first townhome units are anticipated to come online in the Fall of 2017 with the 4-story apartment building available in 2018.
Dakotas Fund IV Ownership: 100%
Meadows on Graystone is a new development under construction in southeastern Sioux Falls, SD, with new units coming online each month. The project will consist of 200 townhome-style apartments (15 total buildings). The first seven buildings have been complete to-date with leasing ahead of initial forecasts.
Dakotas Fund IV Ownership: 100%
DawleySmart Retail is an 18,000 sf commercial retail development for a new PetSmart retail store in the Dawley Farm Village in eastern Sioux Falls, SD. Construction is complete and store opening planned for later this summer.
Dakotas Fund IV Ownership: 100%
Majestic View is a 40-unit townhome-style apartment complex located in central Sioux Falls, SD. After purchasing the property, we have replaced all windows and patio doors. This summer, we are painting the buildings, performing asphalt repairs, and installing privacy fences.
Hubbell Apartment Living named Management Company of the Year
Hubbell Realty Company, our development and management partner in Des Moines, IA, was awarded seven Pinnacle of Excellence awards from the Greater Iowa Apartment Association, including Management Company of the Year.
Hubbell Realty Company is the real estate leader in Des Moines, providing a full range of services including commercial construction, development services, property management, brokerage, and home building. Ernst Capital Group has partnered with Hubbell for construction, development, and property management services on Legacy Landing and 5Fifty5 Townhomes.