Line Seven
Urbandale, IA • New Multifamily • $23.0M Total Project Cost • $4.9M Equity
Line Seven (Phase I) is a 135-unit multifamily development and the first phase of a larger 225-unit community in Urbandale, Iowa. Straddling three rapidly growing suburban municipalities and within the highly regarded Waukee Community School District, Line Seven will deliver a multifamily housing solution to a region primarily populated by single-family homes. Close proximity to the I-80/35 interchange (2.5 miles) ensures seamless access to the Des Moines metro and major employment hubs. The project has received substantial public support, including a $775,000 economic development grant from the City of Urbandale.
10 Year Target Returns:*
IRR: 19.25% • Cash on Cash: 9.34% (6-Year Stabilized Avg.) • Equity Multiple: 4.19x
Project Overview
Line Seven
Urbandale, IA
Dallas County
Multifamily
Wood Frame
135
108,750
806 SF
9.33 acres
3
Q2 2026
Q3 2027
Indigo Living
Location Highlights
Northwest of Downtown Des Moines
North of Jordan Creek Town Center
West of Highway 141
Summary Of Returns
9.34%
Cash on Cash (6-Year Stabilized Avg.)
19.25%
IRR (10-Year Hold Position)
4.19x
Equity Multiple with Sale Year 10
27.02%
IRR (5-Year Hold Period)
2.52x
Equity Multiple with Sale Year 5
Quick Access
2.5 Miles
Northwest of Interstate 35
Community Amenities
Surrounding Area
Downtown Revitalization
Regional Medical Campus
Total Health Experience, a transformative $250 million medical campus, is currently under construction in Urbandale, with completion of the first building anticipated in 2027. Spanning 25 acres, the campus will feature nine state-of-the-art medical buildings offering a comprehensive range of services. Located just four miles west of the Line Seven site, this major health care development is expected to generate significant employment and drive demand for nearby housing, positioning Line Seven to benefit from increased workforce and community activity in the area.
Urban Loop
Line Seven sits just six minutes west of Urbandale’s Urban Loop, a thriving commercial corridor centered around the I-35/80 interchange. Also known as the Des Moines Home Improvement Corridor, the Loop combines retail strength with employment density, making it a magnet for renters. Recent infrastructure investments – including new interchanges and the Highway 141 flyover – have made it one of the most accessible and development-ready areas in the metro. Its strategic location and strong job base continue to attract both businesses and residents, making it a key driver of regional growth.