Headline: Dakota REIT Acquires multifamily units in Sioux Falls
Sioux Falls, SD – Dakota Real Estate Investment Trust (Dakota REIT) announces the acquisition of 108 units of The Rowe on 57th. The Rowe on 57th is an upscale apartment complex located at the cross section of Bahnson Ave and 57th Street in Sioux Falls, SD. The Unit Mix is 45 One-Bedroom + 36 Two-Bedroom + 27 Three-Bedroom. These acquisitions reflect Dakota REIT's commitment to expand its presence in the thriving Sioux Falls market, offering a premium living experience to residents in this dynamic community.
This milestone acquisition is the result of a strategic development alliance between Dakota REIT and Lloyd Companies, a renowned real estate development and construction firm headquartered in Sioux Falls, SD. This collaboration increases our allocation to multifamily, further diversification into Sioux Falls market and strengthens Dakota REIT's real estate portfolio overall. Presently, Dakota REIT’s portfolio in Sioux Falls consists of 208,311 square feet of commercial space and 233 multifamily units. Sioux Falls continues to be a center of economic growth, with a 21% population surge since 2010 and a low unemployment rate of just 1.7%.
President Matt Pedersen expressed his enthusiasm for this strategic acquisition stating, "The Rowe on 57th is the perfect addition to our Sioux Falls multifamily portfolio. These development alliances allow Dakota REIT to participate in the value-creation of development activities with reduced risk, providing us with a predictable acquisition pipeline that aligns seamlessly with our capital inflow. We are dedicated to fostering additional development alliances with Lloyd Companies to further expand our multifamily allocation within our portfolio.” The acquisition of The Rowe on 57th continues an exciting chapter in Dakota REIT's growth story and collaboration with Lloyd Companies.