The Union on Lincoln Way, a mix of residential and commercial spaces in Ames, has been acquired by Artisan Capital Group and EOS Residential Investors, the groups announced in a news release.

The property at 2700 Lincoln Way is next to Iowa State University’s campus and includes 177 studio to five-bedroom apartment units, all fully furnished. The property also includes over 11,000 square feet of ground-level retail space.

The six-story building, constructed in 2018, includes a swimming pool, study rooms, and fitness and business centers.

The property will be rebranded as 2700 Lincoln.

Artisan Capital Group and EOS Residential acquired the property from Education Realty Trust Inc. for $31.78 million, Story County real estate records show. The 1.7-acre parcel is valued at $24.1 million.

“We are thrilled to expand our investment in Ames with the addition of 2700 Lincoln, which further solidifies our commitment to the community,” said Ryan Cahalan, a partner with Chicago-based Artisan Capital Group, in a prepared statement. “This acquisition brings our local portfolio to over 700 units, including both student and market-rate apartments, and increases [Artisan’s] student bed count in Ames to nearly 700.”

Nicole Sermier, co-founder and CEO of EOS Residential, said the investment is the first for the New York-based group, which was founded in 2023. EOS Residential’s mission is to identify top investment opportunities in the residential sector in the areas of multifamily, single-family rentals, and senior and student housing, according to a news release.

2700 Lincoln will be managed by Haverkamp Properties, an Ames company that oversees other Artisan Capital Group-owned companies. Improvements to the property include enhancements to amenity and common areas, according to the release.

Artisan Capital Group has a regional office in Des Moines. In January, Artisan Capital Group acquired the Foundry, a student housing development, at 2300 Lincoln Way.