Spruce Properties
We Own
Spruce Properties seeks to acquire and manage multi-family rental housing assets outside of New York City that are positioned to deliver stable long-term cash flow and capital appreciation.
Investment Approach
Long-term
“Bet-On-America” buy
and hold strategy across U.S.
Multi-Family opportunities
Acquire in
strong markets
with favorable
demographic trends and strong
employment base
Tax efficient
investment
distinguished by low volatility,
predictable cash flow and
attractive yields
Portfolio and Transactions
Soll
Downtown Des Moines, Iowa
Built in 2018, Soll Apartments is a 165-unit Class-A rental property located in Downtown Des Moines. The Property features best-in-class amenities, well-located ground-floor retail, and an adjacent vacant land parcel on which Spruce will develop 10 luxury townhomes for rent.
Velocity
Downtown Des Moines, Iowa
Built in 2019, Velocity is one of the nicest buildings in Des Moines. The rental property has 115 units and is located in East Village, a strong neighborhood in D0wntown Des Moines. The property offers residents a game room, gym, a rooftop lounge, and a pool. Velocity is located one block north of Grand Ave, one of the busiest retail corridors in Downtown Des Moines
Verve
Downtown Des Moines, Iowa
Built in 2018, Verve is one of the nicest buildings in Des Moines. The rental property has 128 units and is located in East Village, a strong neighborhood in Downtown Des Moines. The property offers residents a game room, gym, an outdoor lounge, and access to a pool. Verve is located one block north of Grand Ave, one of the busiest retail corridors in Downtown Des Moines
Lake Shore
Ankeny, Iowa
The largest property in Spruce’s BBK Iowa portfolio, Lake Shore is a 239-unit rental community across three separate residential buildings, along with several gyms, a pool, and other common spaces. Built between 2015 and 2017, Lake Shore has 10 studio, 112 1 bedroom, 101 2 bedroom, and 16 3 bedroom apartments. Lake Shore is a fifteen minute drive from downtown Des Moines.
Lake Shore Park
Ankeny, Iowa
Lake Shore Park is a 122-unit apartment complex within walking distance of Lake Shore, a larger property within Spruce’s BBK Iowa portfolio. Tenants have access to all amenities offered at Lake Shore, including several gyms, a pool, and other common spaces. Lake Shore Park has 8 1 bedroom and 114 2 bedroom apartments. The property is a fifteen minute drive down I-35 from downtown Des Moines.
Lake Shore Place
Ankeny, Iowa
The smallest property in the Lake Shore Cluster, Lake Shore Place is a 22-unit rental complex, a seven minute walk from the larger Lake Shore property. Tenants have access to all amenities offered at Lake Shore, including several gyms, a pool, and other common spaces. Lake Shore Park has 12 2 bedroom and 12 3 bedroom apartments. The property is a fifteen minute drive down I-35 from downtown Des Moines.
Sunrise Meadows
Waukee, Iowa
Due west of Des Moines, Sunrise Meadows is a 54-unit apartment property surrounded by a large office presence and a flurry of recent multi-family development. The property consists of 54 2 bedroom apartments. Sunrise Meadows is a twenty minute drive down I-35 from downtown Des Moines.
Saylorville Lakeside
Polk City, Iowa
Northwest of Des Moines, Saylorville Lakeside is a 52-unit property on Saylorville Lake. This area is surrounded by walking, hiking, and biking trails, giving the property a more suburban feel than the others in Spruce’s Iowa portfolio. Families commonly move into Saylorville Lakeside to give their children access to the outdoor amenities nearby. With the quieter feel, these apartments are still within 30 minutes of the center of Des Moines by car. The property consists of 8 1 bedroom and 44 2 bedroom apartments.
Avon Creek
Avon, Indiana
A 256-unit rental complex in Avon, just west of Indianapolis, Avon Creek provides tenants with 56 one bedroom, 152 2 bedroom, and 48 3 bedroom apartments, along with a pool overlooking a private lake. It is also located on US Road 36, less than twenty minutes from the center of Indianapolis.
Brownsburg Crossing
Brownsburg, Indiana
Situated in Brownsburg, part of the Indianapolis metropolitan area, Brownsburg Crossing consists of 32 1 bedroom, 136 2 bedroom, and 56 3 bedroom apartments. It also has a private lake, pool, and other amenities for residents. The complex is located less than 30 minutes from the center of Indianapolis, which has seen strong growth in the distribution, tech, manufacturing, and healthcare sectors over the last several years.
Settlers Run
Danville, Indiana
A 304 unit rental community surrounding a private lake and pool, Settlers Run has 48 1 bedroom, 160 2 bedroom, and 96 3 bedroom apartments. Located near Road 36, these residences provides access to Danville’s excellent schools in the west, and Indianapolis to the east.
Saratoga Crossing
Plainfield, Indiana
Saratoga Crossing is a 240 unit rental complex with 40 one bedroom, 112 2 bedroom, and 88 3 bedroom apartments, along with manifold amenities for residents. It also provides easy access to I-70 and I-465, for a 15-minute drive to Indianapolis International Airport, or a 30-minute drive to the center of the city.
Crystal Woods
Alexandria, Virginia
Crystal Woods of Alexandria, an institutionally-maintained garden-style community of 344 units located inside-the-Beltway, proximate to Washington, DC. Within 15-minute drive to Pentagon, U.S. Patent & Trademark Office, Debt. Of Defenses’ Mark Center Campus, and Inova Alexandria Hospital.
The Pathways
Mobile, Alabama
The Pathways consists of 244 apartments spread over 10 acres. It is located in Dauphin Acres neighborhood in Mobile positioned between Dauphin Street and Airport Boulevard close to Mobile’s Central Business District. Both the Shoppers at Bel Air and the Springdale Mall are located around one mile from property.
Yester Oaks
Mobile, Alabama
Yester Oaks consists of 587 apartment spread over 38 acres. This site is an exceptional location located just north of Airport Blvd in the northwest quadrant of Airport/I-65 exchange. The property is withing walking distance to the Country Club of Mobile,the Springdale Mall, and Pinebrook Shopping Center. It is withing a ten-minute drive from Downtown Mobile, The University of South Alabama, Spring Hill College and the Mobile Regional Airport.
Windsor Place
Mobile, Alabama
Windsor Place consists of 384 apartment spread over 30 acres. It is located just south of Airport Blvd in the southwest quadrant of Airport/I-65 exchange. The property is withing walking distance to the Country Club of Mobile,the Springdale Mall, and the Pinebrook Shopping Center. It is within ten-minute drive from Downtown Mobile, the University of South Alabama, Spring Hill College and Mobile Regional Airport.
Sandpiper
Mobile, Alabama
Sandpiper consists of 253 units spread over 18 acres. The site located in Tillman Corner with visibility and access to US-90. It is 1.5 miles north of Walmart Super-center and is withing a ten-minute drive to the University of South Alabama,Spring Hill College, Amazon, Downtown Mobile and Mobile Regional Airport.
The Crossings at Pinebrook
Mobile, Alabama
The Crossings at Pinebrook consists of 545 apartments spread over 34 acres. It was originally constructed in 1968 and then benefited from major interior renovation of virtually all its apartment units between the years 2001 and 2003. The site is comprised of a mix of one-bedroom,two-bedroom and three-bedroom apartment homes in both flat and townhouse styles.
The Edge at Greentree
Claymont, Delaware
A 286-unit garden style community located in the attractive Northern Wilmington region of Delaware. Situated less than one mile from the Delaware / Pennsylvania state line, the property is centrally located within the economic and social drivers of Philadelphia, Wilmington, and Chester County Pennsylvania. The unit mix is 88 one bedroom, 196 two bedroom, and 29 three bedroom apartments.