DES MOINES, IA - 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.”
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.
Founded in 2007 by Matthew Rosenthal and Eric Silverman, Eastham Capital is a private equity real estate firm based in Boca Raton dedicated to providing superior, risk-adjusted returns to investors through investment in value-add or distressed multifamily real estate. Eastham Capital partners with local real estate owners and managers with operational expertise, and an exceptional track record in the management, repositioning and disposition of distressed real estate assets. To date, the firm has transacted on more than $5 billion in multifamily properties in collaboration with its local operating partners whose regions span the Continental US. Eastham Capital has earned above market returns in six funds since its inception in 2007. For more information, visit www.easthamcapital.com