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3998 Westdale Pkwy SW, Cedar Rapids, IA 4025 Westdale Pkwy SW, Cedar Rapids, IA
Parkway West Apartments
Asset ClassMultifamily
# Units181
Year Built: 2025# Buildings: 4Occupancy: 100%Access Data Room
Opportunity To Acquire Stabilized New Construction From Local Developer
overview of deal

Overview

Stanbrough Realty Company is pleased to present Parkway West Apartments, a 4-tower, 181-unit new-construction multifamily community anchoring the Westdale district of southwest Cedar Rapids. Delivered in two phases: Tower 1 in 2020 and Towers 2-4 in 2025. The community pairs modern unit finishes and elevator-served towers with a location minutes from the metro's strongest retail corridor and four miles from downtown. The property runs at 99.4% residential occupancy, and 83% of in-place leases sit below current market rents, an annualized mark-to-market gap of $585,480 that a buyer captures on natural lease turnover. Tower 1 adds 13,908 SF of flex and retail space with contractual rent and CAM income. Parkway West is offered unpriced at market pricing: the in-place income stream and current-year mark-to-market capture are detailed in the Financial Analysis section of the Offering Memorandum.

Investment Highlights

AVG SF
975
Year Built
2025
  • 181 Units
  • 4 elevator-served towers
  • Year Built: 2020 & 2025
  • Located in the Westdale Retail District
  • 72 1BR/1BA | 21 2BR/1BA | 76 2BR/2BA | 12 3BR/2BA

 

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3998 Westdale Pkwy SWCedar Rapids, IA 52404

Sales Team

Ross QuinteroSenior Sales Associate

License #: S64315000

515-689-2612ross.quintero@stanbroughrealty.com

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