Sale Pending for Downtown Newton Apartment Building

The Lions Gate Apartment Building just east of the new County Administration Building is being sold. The Newton City Council has been told the North Liberty Iowa Company that built the 38-unit complex in 2019 has come to an  agreement to sell the 320 West 3rd Street North Property to LeavenWealth Capital LLC. A  purchase price has not been disclosed. According to LeavenWealth Capital’s website, the real estate investment firm is based in Omaha and has properties in Omaha…Des Moines…Kansas City…and Sioux Falls South Dakota. The Newton City Council and Lion Development Group LLC reached a development agreement in June 2018 to get the apartment building built. Now…the City Council has agreed to assign that agreement to LeavenWealth Capital.

That’s Newton City Administrator Matt Muckler. According to Beacon property records, Lions Gate Apartments has a current net assessed value just over 3-million 200-thousand dollars. The 2021 property taxes amounted to just over 117-thousand 900-dollars.