Artisan Capital Group has acquired the former Tradition Apartments, a 216-unit complex in southwest Ankeny, Polk County real estate records show.

The Chicago-based group with a regional office in Des Moines, also acquired an adjacent shovel-ready site that has been approved for the construction of an additional 144 units, the company said in a news release.

The complex was developed in 2010 at 807 SW 28th St. in Ankeny. Artisan partnered with MLG Capital in buying the property from Tradition Apartments LLC, an entity whose principal office is located in West Des Moines.

The properties were sold for $29.4 million in a transaction that was recorded Sept. 22, records show. The property with the apartment complex is valued at $26.1 million.

The acquisition expands Artisan Capital Group’s Central Iowa footprint to owning more than 3,000 apartment units.

The complex, which has been renamed Pointe 28, features one-, two- and three-bedroom apartment units with full-size washers and dryers, nine-foot ceilings, private patios or balconies, garages and fireplaces. The complex also includes a clubhouse with community and game rooms, a 24-hour fitness center, heated swimming pool and Jacuzzi, resident business center, and a sports court.

Artisan Capital Group, in a news release, said it plans on making improvements to the complex including upgrades to common areas, systematic unit renovation and enhanced landscaping.

“We see a clear path to create value through renovations, a rebrand, and operational improvements, as we have successfully executed at other communities,” Ryan Cahalan, a partner at Artisan Capital Group, said in a news release.

Artisan Capital Group’s management company will oversee operations of Pointe 28. 

In other transactions:

DLE Four Way LC, an entity managed by Denny Elwell Co., paid Jeffrey and Beth Howard $1.7 million for 8.2 acres at Northeast 118th Avenue and Northeast 29th Street, records show. The property includes a two-story house built in 1888 and farm-related buildings. The transaction was recorded Sept. 25.

PW Fund B LP, managed by Sacramento, Calif.-based Buzz Oates, paid Endeavor Investments IX LLC $25 million for property at 555 Ninth St. NE in Altoona, records show. The property includes a 302,604-square-foot warehouse built in 2022 on over 16 acres. The warehouse is known as the I-80 Distribution Center. Buzz Oates is one of the largest privately held commercial real estate investment management companies in the U.S. The acquisition is the third by the company in Central Iowa since August 2024. The property is valued at $27.2 million. The transaction was recorded Sept. 26.