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Siena Crossing

Ankeny, IA • New Multifamily • $27.6M Total Project Cost • $6.9M Equity

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’s convenient access to major employers, top-tier schools, and the expanding Des Moines Area Community College make it an attractive offering for a diverse range of prospective residents.

10 Year Target Returns:*

IRR: 18.80% • Cash on Cash: 9.59% • Equity Multiple: 4.07x

Rendering of a three‑story apartment building (Siena Crossing) with white and stone exterior finishes, balconies, and a parking lot in front.

Project Overview

Property

Siena Crossing

Address

2840 S Ankeny Blvd

City, State

Ankeny, IA

County

Polk County

Product Type

Market-Rate, Multifamily

Construction Type

Wood Frame

Units

162

Residential NRA

129,887 SF

Average Unit Size

802 SF

Site Size

7.76 acres

No. Of Stories

3

Construction Start

Q2 2025

Completion

Q1 2027

Developer

Hubbell Development Services, LLC

General Contractor

Hubbell Construction Services

Management

Indigo Living

Location Highlights

1.0 miles
Southeast of the District at Prairie Trail
7.5 miles
North of Downtown Des Moines
0.4 miles
Southeast of DMACC Ankeny Campus

Summary Of Returns

9.59%

Cash on Cash (Stabilized Avg.)

18.80%

IRR (10-Year Hold Position)

4.07x

Equity Multiple with Sale Year 10

25.91%

IRR (5-Year Hold Period)

2.44x

Equity Multiple with Sale Year 5

Quick Access

1.3 Miles
West of Interstate 35

Community Amenities

Clubhouse Amenity Icon
Community Clubhouse
Dog Park Amenity Icon
Dog Park
Firepit Grills Amenity Icon
Fire Pit & Grills
Fitness Center Amenity Icon
Fitness Center
Package Room Amenity Icon
Package Room
Swimming Pool Amenity Icon
Swimming Pool

Surrounding Area

The District at Prairie Trail

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 Expansion

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.”

DMACC Enrollment Growth ​

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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