We have already started dirtwork on a $22MM townhome development in Sioux Falls, SD. The project will consist of 100 rental units with attached garages. Buildings will be constructed and leased up in phases. Construction is expected to be 100% complete in 2023.
Sioux Falls, SD is currently in a major housing shortage. From January 2021 to July 2021, the multifamily vacancy in Sioux Falls has dropped from 6.39% to 2.69%. Sioux Falls has had a long history of consistent growth, but since the pandemic began the area has experienced an economic boom. In the last 18 months, large employers such as Amazon, CJ Foods, and Wholestone Farms have announced plans to building in Sioux Falls. These three projects alone total over $1.2 Billion in construction value. There is major concern among city leaders that there won't be enough housing for the influx of people coming to Sioux Falls.
Approximately $5MM in equity will be raised and we expect to close the funding by December 1st, 2021. Target cashflow is 10% per year. Target Internal Rate of Return is 18% per year. This opportunity is open to accredited investors only.
Please contact us to set up an introductory call.
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