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.
US Census Bureau: Des Moines Fastest Growing Metro in Midwest, Sioux Falls 3rd
The US Census Bureau recently released its latest population estimates and Ernst Capital Group’s focus markets are featured prominently.
The Des Moines MSA was the fastest growing Metro area in the Midwest from 2015-2016, with 2.0% growth in that year, adding 12,145 residents to the MSA population of 634,725.
The Sioux Falls MSA was the 3rd fastest growing in the same time period, adding 3,840 residents to the now 255,729 population MSA, representing 1.5% growth.
Ernst Capital’s focus is to connect investors with quality local real estate. By focusing our efforts in Sioux Falls, SD and Des Moines, IA, the Census Bureau shows that we’re focusing on some of the best growth areas in the Midwest. We’re proud of our communities, and we’re happy that more and more people continue to call these communities home.
Read more here from the Des Moines Register, and see the full national data set here.
WSJ: Sioux Falls Fastest Growing Metro in Midwest since 1990
We’re proud to call Sioux Falls home, as the city is home for our company as well as many of our investment holdings.
The Wall Street Journal also took note of Sioux Falls’ growth, with a story today that features our city’s trajectory as the fastest growing metro area in the Midwest of over 50,000 residents.
Writer Shibani Mahtani goes back into our history of economic development, noting the trajectory changes in financial services starting in the 1980s and the health-care explosion that has occurred over the past 20 years with advances by Sanford and Avera Health. The employment and services that have followed these employers has fostered Sioux Falls 63% population growth since 1990, as noted in the Bureau of Economic Analysis data the WSJ cites.
We’re pretty excited about Sioux Falls and its’ future, we’re happy that the Wall Street Journal is also taking notice.
SiouxFalls.Business features The Commons
Jodi Schwan, the longtime business journalist and former city Chief of Staff has started a new venture and business news source: SiouxFalls.Business. This week, the SiouxFalls.Business website featured The Commons as a new approach to multi-family living in Sioux Falls. The Commons, along with 5Fifty5, are apartment communities owned by the Signature Real Estate Income Fund, LLC.
The article discusses the multiple options for prospective residents that can be found at The Commons. Within the one community, residents can choose from The Flats, consisting of two-story townhome apartments with private entrances, as well as three and four-story apartments and townhomes with attached garages. This will allow The Commons to attract residents looking for different options and amenities all within one cohesive community. Click here for more information on leasing one of the new units at The Commons, set to open this summer.
Or, you can read more about The Commons from Jodi at her new site, SiouxFalls.Business.