Eastham Capital has partnered with Artisan Capital Group, a Des Moines, Iowa-based multifamily owner-operator in the acquisition of Cityville on 9th, a mixed-use community in the Des Moines area.
South Florida-based Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI, LP. Artisan Capital Group has co-invested with Eastham and will oversee the day-to-day management. The acquisition price was not disclosed.
Cityville on 9th was constructed in three phases between 2015-2018 and is comprised of 312 apartments spread across nine 4-story elevator-serviced buildings and 47,807sf of ground floor retail space. Located at 550 SW 9th St., the community consists of studio, one- and two-bedroom units ranging from 453 to 1161 square feet with 9-to-11-foot ceilings, in-unit washer/dryers and picturesque views of the Des Moines skyline.
Some of the amenities include a resort-style pool and sundeck, reserved heated parking, a dog park, a courtyard with patio and grilling stations, outdoor firepits, a community room with a kitchenette, bicycle rentals, a 24-hour fitness center, a game room, a theater room, a business center with conference room and a coffee bar.
Although Cityville is a newly constructed property, there is plenty of value-add upside. The upgrades to the property include but are not limited to renovating the apartments built in the first phase to meet current market demands.
Located on the southern edge of Downtown Des Moines, near the rapidly growing Gray’s Station neighborhood, Cityville on 9th benefits from its proximity to downtown employment, nearby Gray’s Lake, numerous bike and walking trails and Principal Park, home of the Iowa Cubs.
