Siena Crossing is a 162-unit, Class A multifamily project in Ankeny, one of the fastest-growing suburbs in both the Des Moines metro and the U.S. Situated on a 7.76-acre site, it’s mere minutes from the interstate and adjacent to the District at Prairie Trail — Ankeny’s economic epicenter for dining, retail, and business. The location is ideal for prospective residents, offering convenient access to major employers, top-tier schools, and the expanding Des Moines Area Community College, making it attractive to a diverse range of residents.
property
Siena Crossing
address
SWC of Oralabor Rd & S Ankeny Blvd
city, state
Ankeny, IA
county
Polk County
product type
Market-Rate, Multifamily
construction type
Wood Frame
site size
7.76 acres
construction start
Q2 - 2025
completion
Q4 - 2026
developer
Hubbell Development, LLC
general contractor
Hubbell Construction Services
management
Indigo Living
Cash-on-Cash (Stabilized Avg.)
IRR (10-Year Hold Period)
Equity Multiple with Sale Year 10
IRR (5-Year Hold Period)
Equity Multiple with Sale Year 5
West of Interstate 35
property
Siena Crossing
address
SWC of Oralabor Rd & S Ankeny Blvd
city, state
Ankeny, IA
county
Polk County
product type
Market-Rate, Multifamily
construction type
Wood Frame
units
162
Residential NRA
128,565 SF
average unit size
794 SF
site size
7.76 acres
no. of stories
3
parking
construction start
Q2 - 2025
completion
Q4 - 2026
developer
Hubbell Development, LLC
general contractor
Hubbell Construction Services
management
Indigo Living
Southeast of the District at Prairie Trail
North of Downtown Des Moines
Southeast of DMACC Ankeny Campus
Cash-on-Cash (Stabilized Avg.)
IRR (10-Year Hold Period)
Equity Multiple with Sale Year 10
IRR (5-Year Hold Period)
Equity Multiple with Sale Year 5
West of Interstate 35
The District at Prairie Trail, a 60-acre commercial hub with 75 businesses, attracts nearly 600,000 visitors annually. Per the Business Record, “more than 4,200 people live in Prairie Trail, and that combination of residential and commercial development has created a vibrant, New Urbanism neighborhood that makes it an attractive place for people to live, work, and play.”
Casey’s General Stores, the nation’s thirdlargest convenience chain, continues expanding rapidly through new builds and acquisitions, including a recent $1.15 billion purchase of Fikes Whole, Inc. This deal will bring Casey’s store count to over 2,900, a 40% growth in the past decade. Their headquarters, located just 2.5 miles from the site, employs nearly 1,800 people.
Des Moines Area Community College saw a 13% enrollment surge last year, the highest among Iowa’s community colleges. DMACC is building a $17 million facility for its Dental Assistant and Hygiene program, while the Ankeny Community School District plans a new “innovative hub” for secondary students offering career, technical and other specialized programs. Both are set for DMACC’s Ankeny campus, just half a mile north of Siena Crossing.
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*Project details are subject to change. Current as of 11/7/24. This information does not constitute an offer to sell or a solicitation of an offer to buy securities. This information is not intended to be complete and final. The information on this website should not be relied on by anyone reading it as a basis for an investment decision and does not take into account the objectives, financial situation or needs of any potential investors. Investment opportunities offered by Hubbell Realty Company and any of its affiliates are limited to individuals who qualify as accredited investors as defined by U.S. Securities and Exchange Commission regulations. Any offer or sale of securities will be made only through a definitive agreement.