Eastham Capital, ARTISAN Capital Group Purchase Multifamily Property in Des Moines for $26.9M

DES MOINES, IOWA — Eastham Capital and ARTISAN Capital Group (ACG) have purchased Wakonda Village in Des Moines for $26.9 million. At 382 units, the multifamily property is the largest in metro Des Moines, according to the buyers. South Florida-based Eastham invested in the deal through its current fund, Eastham Capital Fund VI LP. ACG co-invested with Eastham and will oversee day-to-day management of the asset. Wakonda Village is 96 percent occupied, and rents average $813 per month. The previous owners upgraded the interiors of 201 units and added amenities. ACG plans to improve the unrenovated units and implement a utility billback program. Constructed in phases between 1951 and 1977, Wakonda Village is located at 1800 Watrous Ave. and consists of one- and two-bedroom units ranging from 530 to 660 square feet.