SIOUX FALLS, SD – Tzadik Properties, an industry leading multi-family property management company and one of South Dakota's largest owners, has purchased Woodlake Apartments in Sioux Falls for an undisclosed sum.
The property is located at 4008 South Louise Ave., Sioux Falls, SD 57106. The agent was Michael Haeder of Haeder & Associates of Rapid City.
Tzadik plans to upgrade the Woodlake Apartments through investments of approximately $ 1.5 million.
The Woodlake Apartments comprise 156 residential units on 7.62 acres and are a residential community for workers in a prime location close to the Empire Mall, restaurants and shopping. The Woodlake Apartments offer 1-bedroom and 2-bedroom units averaging 725 square feet per unit and average in-place rents of $ 725 per unit per month.
The Merchants Bank-funded purchase is the fourth group of transactions Tzadik has made with Lloyd Jones, a real estate investment, development and management firm specializing in apartment buildings and senior housing.
"The purchase of Woodlake Apartments is a great opportunity to further expand the portfolio of Tzadik Properties, LLC," said Adam Marcus Hendry, chief executive officer of Tzadik Properties, LLC. "In the fourth quarter of 2020, we're adding several communities in addition to this Sioux Falls property – including properties in Houston, Omaha, and Rapid City."
Since its inception in 2007, Tzadik has managed more than $ 1 billion worth of apartment complexes, more than 15 million square feet of commercial real estate, and more than 19,000 units in over 20 states. In 2020, Tzadik acquired JM Real Estate, Inc., a full-service commercial property management, leasing, sale and acquisition company based in Brevard County, Florida.