SIOUX FALLS, S.D., Jan. 21, 2021 /PRNewswire/ -- Tzadik Properties, LLC, an industry-leading, multifamily property management company and one of the largest owner operators in South Dakota, in partnership with Circle Capital Partners, purchased the LaCrosse Estates Apartments in Sioux Falls, which closed on Jan. 15 for an undisclosed sum. The property is located at 761 East Anamosa St., Rapid City, SD 57701. The agent representing the buyer was Michael Haeder of Haeder & Associates of Rapid City, through a collaboration with Tzadik Executive Vice President and Head of Acquisitions Michael Davalos.
LaCrosse Estates Apartments features 265 units, plus an indoor pool, basketball court, fire pits, greenery, and more, all on 11.57 acres. It is the largest property that Tzadik has purchased in the Midwest to date. Tzadik plans to enhance LaCrosse Estates Apartments through approximately $1.7 million in capital expenditures to upgrade the common areas, amenities, and interior units.
LaCrosse Estates Apartments is a workforce housing community offering 1-bedroom, 2-bedroom, and 3-bedroom units, with an average of 815 square feet per unit and average in-place rents of $857 per unit, per month. It is located with 40 minutes to one hour of landmarks such at the Mount Rushmore National Memorial, the foothills of Black Hills, and Custer State Park.
The purchase was financed by Merchants Bank.
"We are pleased to have purchased LaCrosse Estates Apartments, our largest purchase in the Midwest to date," said Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry. "By purchasing this property, we continue to expand the Tzadik Properties, LLC portfolio. In October 2020, we purchased Woodlake Apartments, also in Sioux Falls."
Since its formation in 2007, Tzadik has managed more than $1 billion in apartment complexes, over 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, sales and investment acquisition company that is located in Brevard County, Florida.
About Tzadik Properties, LLC
Tzadik Properties, LLC is a growing, innovative and driven real estate and property management company based in Miami, Florida. Since its formation in 2007, Tzadik has managed more than $1 billion in apartment complexes, over 15 million square feet of commercial real estate, and more than 19,000 units in over 20 states. Through excellent management, a focus on company culture, and a tech-driven style of operating, Tzadik has established a reputation for "Building Lasting Relationships." In 2020, Tzadik acquired JM Real Estate, Inc., a full-service, commercial property management, leasing, sales and investment acquisition company that is located in Brevard County, Florida, and serves from Titusville to Palm Bay. For more information about Tzadik, visit https://tz-m.com or call (305) 770-6383.
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SOURCE Tzadik Properties, LLC