CBRE Arranges Sale of 540-Unit Multifamily Portfolio for Artisan Capital Group, MLG Capital in Waukee and Johnston, Iowa

CBRE has arranged the sale of a two-property, 540-unit multifamily portfolio in the Des Moines suburbs of Waukee and Johnston, Iowa, the firm announced Nov. 3, 2026. The sellers, Artisan Capital Group and MLG Capital, were represented by CBRE in the transaction, which the firm said ranks among the largest multifamily portfolio sales for the Iowa market.

CBRE Team Represented Artisan Capital Group and MLG Capital

CBRE's Cy Fox, Ray Hamilton and Clark Matthews represented the sellers, Artisan Capital Group and MLG Capital, in the disposition. The portfolio comprises Alice Patricia Apartments in Waukee and Sterling Pointe Apartments in Johnston.

Portfolio Details: Alice Patricia and Sterling Pointe Apartments

Alice Patricia Apartments is located at 714 NE Alice's Road in Waukee. Sterling Pointe Apartments is located at 10509 Dorset Drive in Johnston. According to CBRE, the properties were built between 2013 and 2020 and sit less than eight miles apart. The firm said the communities offer convenient access to several major employment centers, retail locations and local schools.

Combining the two newer suburban communities gave the portfolio institutional scale, allowing an investor to gain exposure to both Waukee and Johnston in a single acquisition rather than buying one asset. The two-property structure also provides geographic diversification within the Des Moines metropolitan area.

Assumable Financing Cited as Draw for Investors

Fox cited assumable financing as a factor in the transaction's appeal. "As one of the largest multifamily transactions in Iowa history, Alice Patricia and Sterling Pointe represented a rare institutional-scale investment opportunity in two of the state's most sought-after suburbs," Fox said. "Combined with favorable assumable financing, the properties offered a highly attractive opportunity for investors despite a challenging capital markets environment. Investor demand for high-quality multifamily assets remains strong and transactions of this scale require tremendous teamwork and the highest level of advisory expertise."

In a higher-cost debt environment, an assumable loan can allow a buyer to preserve favorable financing rather than refinance an entire acquisition at current rates.

Des Moines Metro Market Context

The suburban locations give a buyer exposure to household growth and employment expansion in the Des Moines metropolitan area. Fox described the sale as an endorsement of the market. "The successful outcome reflects the quality of the assets, the commitment of all parties involved and the capabilities of CBRE's platform," he said. "More importantly, this transaction serves as a strong endorsement of the long-term growth and fundamentals of the Des Moines metro."

About CBRE

CBRE Group, Inc. (NYSE: CBRE) is headquartered in Dallas and describes itself as the world's largest commercial real estate services and investment firm. The company has more than 155,000 employees serving clients in more than 100 countries.

Sources

CBRE press release: https://www.cbre.com/press-releases/cbre-arranges-sale-of-540-unit-multifamily-portfolio-in-greater-des-moines-suburbs