SouthGate Companies has closed on the acquisition of the Eastbrook Flats and Silver Slope residential portfolio, a five-property, 87-unit community on Iowa City’s east side.
The transaction closed March 31, according to a release.
The portfolio includes two Eastbrook Flats apartment buildings totaling 63 units and three Silver Slope townhome properties with 24 units. Unit types range from two- to three-bedroom floor plans ranging from 1,275 to 2,200 square feet.
The properties are situated near the University of Iowa, downtown Iowa City and major employment centers. The Eastbrook Flats buildings are adjacent to Scott Park, which includes Rita’s Ranch dog park, walking trails and open recreation areas.
“This acquisition represents a meaningful expansion of our residential portfolio and reinforces our long-term commitment to the Iowa City market,” said Caleb Wilson, CPA, president and partner of SouthGate Companies. “These are well-built properties in a great location with a strong tenant base. Having Scott Park and Rita’s Ranch right in the backyard is a fantastic amenity — it’s one of the things that makes this Eastbrook community special.”
SouthGate plans near-term improvements across the portfolio, including building systems upgrades, exterior maintenance and common area enhancements. The company will manage all five properties through its in-house property management platform.
The acquisition adds to SouthGate’s existing residential holdings in the Iowa City area, where the firm has been active in real estate investment, development and property management since 1962.
Iowa City-based SouthGate Companies manages approximately 1,000 residential units and 300,000 square feet of commercial space across the Iowa City area. The company is a subsidiary of Hillcrest Holdings, a Midwest-based, family-owned holding company.
