Wakonda Village marks Eastham’s second acquisition with local operating partner Artisan Capital Group
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 Wakonda Village, the largest multifamily property in the Des Moines area at 382-units.
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.
“We are thrilled to partner on another deal with Artisan Capital Group to expand our presence in the growing community of Des Moines,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “What’s unique about this submarket is that it is supply-constrained with very few apartment communities under construction or even planned. We couldn’t be happier with the acquisition of Wakonda Village and to be working with Artisan on another deal.”
Wakonda Village is 96% occupied, with in-place average rents of $813/month. The previous owners upgraded the interiors of 201 units and implemented many desirable amenities, including a recently renovated clubhouse, pool, fitness center, business center, coffee bar, dog park, and courtyard/picnic area. Artisan will focus on improving the unrenovated units and implementing a utility billback program, ensuring a modern and comfortable living environment.
Constructed in phases from 1951-1977, Wakonda Village is located at 1800 Watrous Ave and consists of one- and two-bedroom units ranging from 530 to 660 square feet. The property is ideally situated just one block from Fleur Drive, the primary thriving retail corridor that connects Des Moines International Airport to downtown Des Moines. The property is also located across the street from the acclaimed Wakonda Golf Club, which hosts the PGA Tour Champions Principal Charity Classic each June.
