Dakota REIT: Acquisition of multifamily property in Iowa
Dakota REIT announces the acquisition of White Oak Apartments, an 88-unit multifamily property in Johnston, Iowa, a suburb of Des Moines.
Johnston has experienced strong growth in recent years and boasts a highly educated workforce across multiple large employers. The White Oak Apartments are located within walking distance of an elementary and middle school, as well as adjacent to a childcare center. The property features in-unit washer/dryers, upscale finishes, 9 foot ceilings, fitness center and garages.
Dakota REIT’s investment objective is to generate attractive current income and equity growth by investing in diversified real estate assets in the upper Midwest. Des Moines, Iowa is a new market for Dakota REIT and fits Dakota REIT’s assessment of a growth market due to its above average population and job growth, as well as low un-employment enjoyed by the upper Midwest.