Cityville on 9th, a 312-unit multifamily development in downtown Des Moines, has been acquired by Artisan Capital Group, Polk County real estate records show.

The complex, on the southwest corner of Southwest Ninth and Murphy streets, was developed by Hubbell Realty Co. between 2013 and 2018. The development, whose first phase opened in 2014, includes nine buildings, most of which include commercial space.

Artisan Capital Group, in a partnership with Eastham Capital, acquired the property for $50 million, records show. The property is valued at $43 million.

Artisan Capital Group describes itself as Iowa’s largest apartment owner. Its portfolio includes over 2,000 apartment units in the Des Moines market.

The property’s 48,000 square feet of commercial space presents “an investment opportunity with value-add potential,” according to a news release from Artisan Capital Group, headquartered in Chicago. The group has a regional office in Des Moines.

“We continue to seek quality assets and, if available, those with favorable assumable debt, and Cityville checks both of those boxes,” Sean Fogarty, a partner at Artisan Capital Group, said in a news release.

Artisan Capital Group secured Fannie Mae loan assumptions for two of the phases at attractive interest rates and worked with West Des Moines-based West Bank on the financing of the third phase, according to the release.

Cityville on 9th, whose name will be retained, includes 42 studio apartments; 162 one-bedroom units; 99 two-bedroom units; and nine three-bedroom units. Amenities include a resort-style pool and sundeck, dog park, courtyard with patio and grilling stations, 24-hour fitness center, game room, theater room, business center with conference room, and coffee bar.

Artisan Management Group, the management arm of Artisan Capital Group, will oversee operations at Cityville on 9th.

The transaction was recorded May 8.