The partnership purchased Park @ Nine23, a 424-unit apartment community located just south of University Avenue near College Square Mall. The property was constructed in 1974 and includes two additions that were built in the early 1990s. The community consists of studio, 1, 2 and 3-bedroom units and a superb amenity package including a new club house, fitness center, swimming pool, grill/picnic area, dog park and sport courts.

The Waterloo-Cedar Falls MSA (also known as the Cedar Valley) is ranked in the top 25% of US metro areas for industry diversity, with a healthy mix of manufacturing, education, and healthcare leading employment. Cedar Falls is also home to the University of Northern Iowa, ranked the 2nd Top Public Regional University in the Midwest by US News.

“ACG is very pleased to acquire a significant asset in the Cedar Falls/Waterloo metro and one that is an excellent fit for our growing portfolio,” said Sean Fogarty, a Partner at ACG. “Sean and I and others on our team have lived in the market including our time attending the University of Northern Iowa and thus are very familiar with the many demand drivers in the metro,” added Ryan Cahalan, a Partner at ACG.

West Bank, located in Des Moines, Iowa, provided financing for the investment. ARTISAN Management Group, ACG’s property management vertical, will oversee operations.

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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 6,500 apartment units since its formation in 2017.