Avison Young’s Capital Markets Group has been retained by SG Communities, formerly SB Communities, (the “Sponsor”) to arrange the sale or recapitalization of The Sterling at Prairie Trail North - Phase 1 (the “Property” or “The Sterling”), a 216-unit, multifamily property in the Ankeny suburb of Des Moines, Iowa, the fastest growing metro area in the Midwest over the last three years. The recapitalization presents the rare opportunity to invest in a newly delivered Class A multifamily project at a substantial discount to the replacement cost.

• The Property is located within the Prairie Trail master-planned community, spanning 1,031 acres and offering residents a vibrant town center atmosphere with immediate access to local restaurants, shops and boutiques, weekly concerts and events, and over 200 acres of parks and open spaces
• The Sterling is in a class among its own in the Ankeny submarket and Prairie Trail community, standing as the only property with a resort-style-pool, dog park, clubhouse, and personal garages, along with high-end unit finishes
• The Property’s first units were delivered in June 2023 and have continued on a rolling basis since then, with substantial completion anticipated by the end of August 2024. The Project is well on its way towards stabilization after a successful summer leasing campaign has resulted in 43 new leases since the beginning of June, bringing the Project to 98% leased on the 128 delivered units and 25% preleased on the remaining 88 units
• A discount to the target rent was offered to tenants during the final construction and before the amenities were completed and opened. As construction concludes and amenities open, The Sterling North’s leasing team is projecting new leases will be signed at a premium to the in-place rent.