North East Iowa Portfolio Oelwein, Iowa

Investment Highlights

→ Desirable Unit Mix consisting of 1, 2 & 3 Bedrooms

→ Clubhouse w/ Community Room & On-Site Leasing Office

• Otter Creek Cottages – 57-Unit Asset with Value-Add Upside and Clubhouse
• The Meadows Apartments – Quiet Community & Oversized Floor Plans with Varied Unit Mix
• Platt Park Apartments – Well-Located Asset Adjacent to Major City Park 
• Great Physical Condition and Capital Improvements
• Rent Growth Potential and Value-Add Opportunity
• Revenue Optimization and Garage Income
• Amenity and Development Upside
• Strong Market Fundamentals

Otter Creek Cottages – 57-Unit Asset with Value-Add Upside and Clubhouse

Otter Creek Cottages is a 57-unit community comprised of 56 one-bedroom apartments and one two-bedroom unit. Built in 1977 and spread across 15 buildings, the property includes 36,518 square feet of rental space on more than 5.74 acres of land. The community offers residents a centrally located clubhouse with a community room, kitchenette, leasing/manager’s office, common area laundry, and vending. Many of the apartment homes have been remodeled, and the current owner has completed numerous capital improvements. Each unit is equipped with a gas hot water heater and a kitchen outfitted with a refrigerator and stove. The property features mature trees, wooded views, and thoughtfully maintained landscaping, all of which enhance the tranquil atmosphere of the community.

The Meadows Apartments – Quiet Community & Oversized Floor Plans with Varied Unit Mix 

The Meadows Apartments is a 36-unit community consisting of two buildings: a three-story, 24-unit building and a two-story, 12-unit building. The property also includes 15 garages, all on one parcel. Built in 1999, the community comprises 33,076 square feet of rental space on over 5.41 acres. With a varied unit mix—8 one-bedroom, 17 two-bedroom, and 11 three-bedroom apartment homes—The Meadows appeals to a broad tenant base. The property features common area laundry facilities, vending machines, wooded views, and mature trees. Many units have been remodeled, and several capital improvement projects have been completed, including new siding, new composite decks with metal railings, and enhancements to the grounds and infrastructure.

Platt Park Apartments – Well-Located Asset Adjacent to Major City Park

Platt Park Apartments consists of two garden-style apartment buildings offering eight two-bedroom, one-bath units and eight detached garages on a single parcel. Built in 1977 and 1978, the property includes 7,200 square feet of rental space situated on 0.53 acres. The property provides residents with common area laundry and is conveniently located in Oelwein’s city center, adjacent to the 16-acre Platt Park. The park features playgrounds, picnic shelters with grills, trail access, and an 18-hole disc golf course, making this property especially attractive to tenants seeking outdoor recreation and convenience.

Amenities