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Iowa Investor Claims 273-Unit Apartment Complex

DENVER-Principal Real Estate Investors, based in Des Moines, acquires a 239,608-sf rental community from Archstone Smith. Formerly known as Archstone Riverfront Park, the apartments are now called the Station at Riverfront Park.

By John Rebchook | Updated on April 18, 2006

(To read more on the multifamily market, click here.)

DENVER-Principal Real Estate Investors of Des Moines on Tuesday says it has purchased the Archstone Riverfront Park apartment community in the Riverfront Park neighborhood in the Central Platte Valley. The community was developed by locally based Archstone Smith and represents the first luxury community in the area.

Principal Real Estate Investors is the real estate investment arm of Principal Global Investors, a member of the Principal Financial Group. Principal Real Estate Investors has changed the name of the property from Archstone Riverfront Park to the Station at Riverfront Park. A spokeswoman for Principal tells GlobeSt.com that it is the company’s policy not to release the purchase price.

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