Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has partnered with Artisan Capital Group, a Des Moines 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.
“We are excited to be working with Artisan Capital Group on another deal to further expand our footprint in the growing city of Des Moines,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “The property is ideally located on the southern edge of downtown providing our residents with proximity to the city’s employment hubs in addition to immediate access to Des Moines’ most sought-after lifestyle amenities.”
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.
