ARTISAN Acquires Cityville on 9th in Des Moines, IA


ARTISAN Capital Group ("ACG"), in its third partnership with Eastham Capital, has acquired Cityville on 9th, a premier apartment community located in downtown Des Moines, IA. ACG, the largest apartment owner in the state of Iowa, completed the acquisition in May 2024, further solidifying its position in the Des Moines market with a portfolio of over 2,000 units in the area.

Cityville on 9th offers 312 apartment units, built in three phases between 2015-18.  The community includes 42 studios, 162 one-bedroom units, 99 two-bedroom units, and 9 three-bedroom units. The property also includes 48,000 square feet of commercial space, presenting an investment opportunity with value-add potential. Amenities include a resort-style pool and sundeck, dog park, courtyard with patio and grilling stations, 24-hour fitness center, game room, theater room, business center with conference room, and coffee bar.

Situated 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. 

ACG secured Fannie Mae loan assumptions for two of the phases at very attractive interest rates and worked with West Bank, a local bank, on the financing of the third phase.

"We’re excited to acquire another outstanding Des Moines community, a core-plus investment that produces value-add returns," said Sean Fogarty, Partner at ARTISAN Capital Group.

“We continue to seek quality assets and, if available, those with favorable assumable debt and Cityville checks both of those boxes" said Ryan Cahalan, Partner at ARTISAN Capital Group. 

ARTISAN Management Group ("AMG"), ACG's management vertical, will oversee operations at Cityville on 9th, ensuring a seamless transition and the successful execution of ACG's strategy.

About ARTISAN Capital Group:

ARTISAN Capital Group, headquartered in Chicago, IL with a regional office in Des Moines, IA, is a leading real estate investment firm that owns and manages market-rate multi-family and student housing communities across six states presently.  With a Midwest-focused market-rate strategy and a national approach for student housing, ACG has grown its portfolio to over 7,000 apartment units since its formation in 2017.