Press Releases
Marcus & Millichap Announces the Sale of Luma Heights Apartments, a 91-Unit Iowa Apartment Complex
May 29, 2024
SIOUX CITY, Iowa, May 29, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Luma Heights Apartments, a 91-unit apartment property located in Sioux City, Iowa. The asset sold for $3,200,000.
Colton Luchsinger, investment specialist in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also procured by Luchsinger. Jon Ruzicka, broker of record in Iowa, assisted in closing this transaction.
Luma Heights Apartments is located at 217 19th Street in Sioux City, Iowa. Consisting of spacious, well-maintained units, many of which are primed for remodeling with modern amenities and aesthetics. Luma Heights will be rebranded into the Hill Top Flats and will be comprised of newly remodeled Studio, One Bedroom, and Two Bedroom apartment units. The structure is situated on a large 0.69-acre parcel and stands six brick stories tall with surface parking at the rear of the building and a commercial retail space. The foundations of the site showcase historic apartment living spaces in midwestern markets that are looking to be transformed into something much greater. It is a classic example of what investors are seeking to add value in the form of modern renovations to meet the demand of the markets who want to live in a higher end product.
Colton Luchsinger, investment specialist in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also procured by Luchsinger. Jon Ruzicka, broker of record in Iowa, assisted in closing this transaction.
Luma Heights Apartments is located at 217 19th Street in Sioux City, Iowa. Consisting of spacious, well-maintained units, many of which are primed for remodeling with modern amenities and aesthetics. Luma Heights will be rebranded into the Hill Top Flats and will be comprised of newly remodeled Studio, One Bedroom, and Two Bedroom apartment units. The structure is situated on a large 0.69-acre parcel and stands six brick stories tall with surface parking at the rear of the building and a commercial retail space. The foundations of the site showcase historic apartment living spaces in midwestern markets that are looking to be transformed into something much greater. It is a classic example of what investors are seeking to add value in the form of modern renovations to meet the demand of the markets who want to live in a higher end product.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
