Callaway at Holland Pointe is a 148-unit multifamily project in Norwalk, a rapidly growing suburban submarket in the Des Moines metro. Norwalk has experienced both population and commercial growth in recent years, most notably a $300 million mixed-use development called Norwalk Central that is currently under construction. Leveraging a strategic site location and a proven product design used in similar suburban markets, Callaway will accommodate the housing needs of a wide range of renters by providing a mixture of apartments, townhomes and a full suite of amenities.
property
Callaway at Holland Pointe
address
SW Corner of Waller Avenue & Sayre Drive
city, state
Norwalk, IA
county
Warren County
product type
Market-Rate, Multifamily
construction type
Wood Frame
site size
9.48 acres
construction start
Q3 - 2024
completion
Q2 - 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
South of Iowa Highway 5
property
Callaway at Holland Pointe
address
SW Corner of Waller Avenue & Sayre Drive
city, state
Norwalk, IA
county
Warren County
product type
Market-Rate, Multifamily
construction type
Wood Frame
units
148
residential nra
168,054 SF
average unit size
1,136 SF
site size
9.48 acres
no. of stories
3
parking
construction start
Q3 - 2024
completion
Q2 - 2026
developer
Hubbell Development, LLC
general contractor
Hubbell Construction Services
management
Indigo Living
Southwest of Downtown Des Moines
Southeast of West Des Moines
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
South of Iowa Highway 5
Norwalk Central is a 70-acre, $300-million mixed use development featuring households, new sports campus, a hotel, retail, restaurants, Starbucks, outdoor trails, parks, and an amphitheater located less than a mile from the Holland Pointe site. It is expected to be fully complete by mid to late 2025.
The Des Moines International Airport broke ground on a new $445 million terminal in fall 2023. The new terminal will add 17 gates as well as provide more remote aircraft parking spots. These upgrades are expected to support twice as many annual passengers.
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