|
Des Moines firm enters local apartment market |
|
|
|
|
By Sioux Falls Business Journal
|
|
Thursday, 23 August 2007 |
A realty company based in Des Moines has entered the Sioux Falls market, buying two large apartment complexes on Valhalla Boulevard.
The complexes are among 10 that the Hubbell Realty Co. acquired from Clarke Co. Ltd. and its affiliates. The others are in Des Moines and Norwalk, Iowa.
"We see this as an opportunity to grow and diversify our business, especially in multifamily housing," said Rick Tollakson, president and chief executive officer of Hubbell Realty.
The Sioux Falls properties are Hamlet, a 216-unit complex at 4100 W. Valhalla Blvd., and Somerset, a 360-unit complex at 4401 W. Valhalla Blvd.
Hubbell officials said they plan to make physical improvements to the developments to boost the quality of life for the tenants.
John Clarke, managing partner and chief executive officer of Clarke Co., said Hubbell, whose history dates back more than 150 years, is in good position to take over the properties.
|