Westgate Townhomes
Oskaloosa, IA • New Multifamily • $9.4M Total Project Cost • $2.2M Equity
Westgate Townhomes is a 48-unit townhome development in Oskaloosa, a rural community located in central Iowa. Despite experiencing healthy employment growth and recent business expansions to the region’s major employers, new rental housing supply has not matched the demand. As a result, the project has received significant public support in the form of a $1,000,000 workforce housing tax credit award, a $1,000,000 redevelopment tax credit award, and a Thriving Community designation from the State of Iowa. Westgate Townhomes will accommodate the housing needs of the region by providing a combination of the most efficient and cost-effective townhome layouts in the Hubbell portfolio.
10 Year Target Returns:*
IRR: 10.73% • Cash on Cash: 8.50% (8-Year Stabilized Avg.) • Equity Multiple: 2.20x
Project Overview
Westgate Townhomes
NW Corner of Suffolk Road & Coal Mine Loop
Oskaloosa, IA 52577
Mahaska County
Townhomes
Wood Frame
48
47,004 SF
979 SF
3.13 acres
2
Q3 2026
Q3 2027
Hubbell Development, LLC
Hubbell Construction Services
Indigo Living
Location Highlights
0.1 miles
South of TRIO Entertainment Complex
1.6 miles
West of Musco Sports Lighting & Downtown Oskaloosa
2.4 miles
West of Mahaska Health Main Campus
Summary Of Returns
8.50%
Cash on Cash ( 8-Year Stabilized Avg)
10.73%
IRR (10-Year Hold Period)
2.20%
Equity Multiple with Sale Year 10
11.02%
IRR (5-Year Hold Period)
1.48x
Equity Multiple with Sale Year 5
Quick Access
0.4 miles
South of Highway 92
0.6 miles
South of Highway 163
Community Amenities
Surrounding Area
Major Announcements
Musco Sports Lighting recently completed a multi-million-dollar, 74,000-square-foot renovation and expansion to its downtown campus. The expansion added seating for an estimated 565 people. The “world leader in sports lighting and facility solutions” also announced a new 30,000-square-foot facility for product development and testing. Musco’s President Shelly Herr described the company’s expansion as a “signal that we’re planning to stay in Oskaloosa or we wouldn’t have spent the money to do that.”
Clow Valve, a local employer that specializes in waterworks infrastructure, recently completed a new $80 million, 36,000-square-foot expansion that is expected to double production capacity. The expansion to modernize the facility received support by the State of Iowa’s High Quality Jobs Program. According to OskyNews.org, “Local leaders noted that the investment reflects confidence in Oskaloosa’s workforce and ensures that Clow’s nearly 150-year history in the city will continue well into the future.”