Archstone Announces Acquisition of Painted Woods Villas in Waukee, Iowa

CHICAGO, IL – September 26, 2025 – Archstone Capital is pleased to announce the acquisition of Painted Woods Villas, a 94-unit, new construction build-to-rent community located in the rapidly growing Waukee submarket of Des Moines, Iowa. This transaction marks Archstone’s first partnership with MLG Capital, a leading private real estate investment manager with a strong track record of multifamily and commercial investments nationwide.

Painted Woods Villas offers spacious three-bedroom townhome-style units averaging 1,454 square feet, each with private entry, attached garages, quartz countertops, stainless steel appliances, full-size washers and dryers, and modern open-concept layouts. The community combines suburban tranquility with immediate access to major employment centers, retail destinations, and top-ranked Waukee schools.

At acquisition, the community is in lease-up at 70% leased, with Archstone Residential assuming management responsibilities to complete stabilization.

“The acquisition of Painted Woods Villas represents a compelling opportunity to expand our portfolio with a high-quality, newly built community in one of the Midwest’s fastest-growing submarkets,” said Chris Salazar, Founder & CEO of Archstone Capital. “Partnering with MLG Capital on this investment allows us to combine our local operating expertise with their national platform, and we are excited about what this relationship means for our future growth together.”

With this acquisition, Archstone Capital continues to build its portfolio of institutional-quality multifamily assets across the Midwest, while expanding strategic partnerships with leading equity sponsors.