Enter the "Deal room" for exclusive documents related to this property.
|Number of units||296|
Jones Lang LaSalle (JLL), is pleased to offer for sale the South Dakota Multi-Family Portfolio, consisting of three communities encompassing 296 apartment homes. With completion dates ranging from 2014 to 2018 and sizes from 64 to 151 apartment homes, the properties can be sold individually or together, although Seller would prefer a single portfolio purchaser. Westbrook Estates consists of 151 apartments homes and was constructed in two phases: 2016 & 2018.
The property is located in Yankton, SD, which is 50 miles southwest from Sioux Falls and is the county seat for Yankton County. Pheasant Ridge Village consists of 64 apartment homes and was constructed in 2014. The property is located in Mitchell, SD, which is 60 miles west of Sioux Falls and is the county seat for Davidson County. Wheatgrass Village consists of 81 apartment homes and was constructed in 2018. The property is located in Huron, SD, which is 85 miles northwest of Sioux Falls and is the county seat of Beadle County. The Offering represents a unique opportunity to invest into the highly sought-after asset class of new-construction, workforce housing. With portfolio occupancy as of October 2020 at 94%, the properties offer tenants a much-needed quality and affordable housing option. The Offering is subject to a loan assumption of four separate Fannie Mae agency loans. Details of current loan terms and balances can be found in the Offering Memorandum.
• Instant efficiencies of scale with 296 apartment homes
• Much needed market-rate workforce-housing assets
• Attractive cost-basis for new construction
• Ideal unit-mix variety, including townhomes
• Expansion potential at each site
• Pandemic-resilient asset class
• Stability in the state of South Dakota
• Tax-friendly state