Marlow 35
Ankeny, IA • New Multifamily • $46.8M Total Project Cost • $11.7M Equity
Marlow 35 is a 200‑unit Class A rental townhome community in Ankeny, Iowa – one of the fastest‑growing and most vibrant communities in the state of Iowa. The unit mix offers a balance of efficient one-, two‑, and three‑bedroom townhomes, all featuring private entry and access to a full suite of resident amenities. Proximity to I‑35 provides residents with quick access to the rest of the Des Moines metro and its major employment centers. Located near a top‑rated school district, an expanding Des Moines Area Community College, and The District at Prairie Trail – a 60‑acre regional hub attracting nearly 600,000 visitors annually – Marlow 35 is in prime position at the epicenter of connectivity and convenience.
10 Year Target Returns:*
IRR: 17.85% • Cash on Cash: 10.13% (8-Year Stabilized Avg.) • Equity Multiple: 3.47x
Project Overview
Marlow 35
NE Corner of NE Delaware Ave & NE 9th St
Ankeny, IA 50021
Polk County
Multifamily – Market Rate
Wood Frame
200
202,375 SF
1,012 SF
16.62 acres
1- & 2-Story Townhomes
Q3 2026
Q3 2028
Hubbell Development, LLC
Hubbell Construction Services
Indigo Living
Location Highlights
2.5 miles
Southeast of Costco
3.5 miles
Northeast of the District at Prairie Trail
4.5 miles
Northeast of DMACC Ankeny campus
Summary Of Returns
10.13%
Cash on Cash (8-Year Stabilized Avg)
17.85%
IRR (10-Year Hold Position)
3.47%
Equity Multiple with Sale Year 10
23.33%
IRR (5-Year Hold Period)
2.16x
Equity Multiple with Sale Year 5
Quick Access
0.8 miles
North of Interstate 35 Interchange
12 miles
North of Downtown Des Moines
Community Amenities
Surrounding Area
The District at Prairie Trail
The District at Prairie Trail is a 60-acre commercial hub located less than a 15-minute drive from the Marlow 35 site. The Business Record recently reported that the district draws “nearly 600,000 visitors a year with its shops, restaurants and outdoor events.” Furthermore, “if the district were its own standalone city, it would be bigger than 94% of all other Iowa communities.” Marlow 35 is perfectly positioned to accommodate housing for those wishing to “live, work, and play” in the area.
Casey's Growth
Already the third-largest convenience store chain in the country, Casey’s General Stores continues to expand by building new stores and acquiring existing stores across the U.S. More specifically, Casey’s recently acquired 198 stores from Fikes Whole, Inc. for $1.15 billion. The transaction increased Casey’s count to more than 2,900 stores. Over the past decade, their store counts have increased by over 40% and the company is poised for continued growth. Casey’s General Stores HQ is located less than 4 miles away from the Marlow 35 site, where they house nearly 1,800 employees. Casey’s is expecting to open at least 80 stores in fiscal 2026.
DMACC Expansion
Des Moines Area Community College (DMACC) recently broke ground on two new facilities at their Ankeny campus. In October 2025, DMACC broke ground on a new 26,000-square-foot facility for its Dental Assistant and Hygiene program that is expected to increase enrollment capacity of the program by 25%. In November 2025, DMACC broke ground on a new 72,000-square-foot, $34-million Trades & Industry Center to “expand and modernize hands-on training for high-demand careers in the skilled trades.” According to a DMACC press release, these programs remain “consistently at capacity.” Both facilities are expected to be completed in 2027. CityView has voted DMACC the “Best Community College in Iowa” for 6 consecutive years.