ARTISAN and Ballast Acquire Rock Ridge Commons in Moline, IL
04/26/2024
ARTISAN Capital Group ("ACG"), in partnership with Ballast Real Estate Partners and Boulder Venture, has acquired an apartment community in Moline, IL. The property formerly known as Pheasant Ridge, will undergo significant capital improvements and a rebrand to Rock Ridge Commons. This acquisition marks ACG's continued expansion in the Midwest market.
Rock Ridge Commons comprises 216 apartment units, including 72 1BR units and 144 2BR units. The property is strategically located near the John Deere world headquarters, Black Hawk College, and the area's major retail corridor.
The acquisition includes an $8.0 million capital plan that will transform the property. Capital improvements will start with addressing deferred maintenance, followed by comprehensive renovations to all units, the clubhouse, and common areas. Additionally, there will be the installation of a new pool and upgrades to landscaping. These enhancements reflect ACG's commitment to providing a superior standard of living and adding long-term value to the community.
Ryan Cahalan, Partner at ARTISAN Capital Group, expressed excitement about the acquisition, stating, "Rock Ridge Commons is a fantastic addition to our portfolio. We are eager to execute our capital plan that will enhance residents’ experience. We see great potential in this property and community."
ARTISAN Management Group ("AMG"), ACG's management vertical, will oversee operations at Rock Ridge Commons and ensure the successful execution of the capital plan.
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.
About Ballast Real Estate Partners:
Ballast Real Estate Partners sources geographically diverse, multifamily real estate investment opportunities. Our goal is to provide clients with investment options that generate reliable cash flow, build equity through debt amortization and offer potential value creation. Ballast Real Estate Partners specializes in acquiring apartment buildings with 50-100 units in towns and cities across Wisconsin and the Upper Midwest. The company looks to own high quality, well maintained apartment homes that are broadly affordable to current and prospective residents. Our investment strategy seeks to capitalize on pricing inefficiencies inherent in non-major markets by targeting apartment communities that have moderate yet mispriced rents, require capital improvements to increase market competitiveness or have advantages relative to other apartments in the market. Acquisitions are funded with moderate leverage and equity from a select number of investors.