ARTISAN, Ballast, and General Capital Sell Hunter’s Run Apartment Community in Newton, IA
04/25/2023
ARTISAN Capital Group (“ACG”), one of the largest apartment owners in Iowa, and two Wisconsin based sponsors, Ballast Real Estate Partners (“BREP”) and General Capital Group (“GenCap”), are pleased to announce the sale of a 72-unit apartment complex – Hunter’s Run. This Low-Income Housing Tax Credit apartment community located in Newton, IA was built in 1995.
ACG, BREP and GenCap acquired the community in May of 2019 through a joint venture partnership; this JV has partnered on the acquisition of over 500 units throughout Iowa.
Hunter’s Run is a desirable place to call home given its proximity to Des Moines (~30 miles) and the fact it is one of the largest communities in the submarket. Sitting on seven acres of ample greenspace, the community features 11 apartment buildings, a clubhouse, two-bedroom townhomes, and one-, two-, and three-bedroom floorplans.
“This was a successful deal thanks to our collective hard work and continued investment strategy focused on markets with strong fundamentals” said Ryan Cahalan, a Partner at ARTISAN Capital Group. “We are extremely happy with the risk adjusted return that we generated for our investors and look forward to achieving similar results on future deals.”
ARTISAN Capital Group presently owns and manages market-rate multi-family and student housing communities across six states. Our market-rate strategy is Midwest-focused, while our student housing acquisition plan is national. ACG has grown its portfolio to nearly 6,000 apartment units since the company was formed in 2017. ACG is headquartered in Chicago, IL with a regional office in Des Moines, IA which it shares with its property management vertical ARTISAN Management Group.