SIOUX FALLS, SD – Tzadik Properties, an industry leading multi-family property management company and one of South Dakota’s largest owners, has partnered with Circle Capital Partners to purchase LaCrosse Estates Apartments in Sioux Falls. The property is located at 761 East Anamosa St., Rapid City, SD 57701. The purchaser's agent was Michael Haeder of Haeder & Associates of Rapid City in association with Tzadik's Executive Vice President and Head of Acquisition Michael Davalos.
The LaCrosse Estates Apartments have 265 residential units as well as an indoor pool, basketball court, fire pits, greenery and much more on an area of 11.57 hectares. It is the largest property Tzadik has bought in the Midwest to date. Tzadik plans to upgrade the LaCrosse Estates Apartments by investing approximately $ 1.7 million to improve public areas, amenities and indoor units.
LaCrosse Estates Apartments is a workforce sharing community offering 1-bedroom, 2-bedroom, and 3-bedroom units averaging 815 square feet per unit and average in-place rents of $ 857 per unit per month. It is 40 minutes to an hour away from attractions such as Mount Rushmore National Memorial, the Black Hills Foothills, and Custer State Park.
The purchase was financed by Merchants Bank.
"We are pleased to have acquired LaCrosse Estates Apartments, our largest purchase to date in the Midwest," said Adam Marcus Hendry, chief executive officer of Tzadik Properties, LLC. "With the purchase of this property, we are expanding the portfolio of Tzadik Properties, LLC. In October 2020, we bought Woodlake Apartments, also in Sioux Falls."
Source: Tzadik properties