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MOLINE, ILL. — A partnership consisting of ARTISAN Capital Group, Ballast Real Estate Partners and Boulder Venture has acquired Pheasant Ridge, a 216-unit community in the western Illinois city of Moline. The unit mix includes 72 one-bedroom and 144 two-bedroom apartments.
The community has been rebranded as Rock Ridge Commons. The buyers plan to invest $8 million into renovating the property. Capital improvements will begin by addressing deferred maintenance, followed by renovations to all units, as well as the clubhouse and common areas. The new owners will also install a new pool and upgrade the landscaping.