Granite Peak Equity Closes Purchase of 64-Unit Apartment Community in Sioux Falls, South Dakota
Downtown Sioux Falls, South Dakota
Sioux Falls, South Dakota, January 13, 2021 /Newswire/ — Granite Peak Equity has purchased 46West Apartments, a low-rise Class B apartment community built in 1977 and well-located in the rapidly growing southwest Sioux Falls submarket. The property is in close proximity to major retail and employment centers including the Western Mall (0.3 miles away), the Empire Mall (1.4 miles away), Augustana University (1.0 miles away), Sanford USD Medical Center (2.5 miles away), Avera Heart Hospital (3.1 miles away), and Downtown Sioux Falls (4.0 miles away). The property’s primary competitive advantages are its central location, excellent physical condition, and immediate access to major thoroughfares, including Interstates 229 and 29 (one of Sioux Falls’ primary north/south corridors).
The Managers are proposing a light capital improvement program to continue significant work that has recently been done, specifically targeted to renovate and upgrade the remaining 50% of unit interiors, setting it apart as the premier multifamily community in the area.
Granite Peak worked with Todd Eddy at Black Hills Federal Credit Union to arrange debt financing for the purchase. Adam Haydon of Jones Lang LaSalle brokered the deal, while Mark Miller of Braaksma & Miller provided legal representation for Granite Peak Equity and Cody McCullough of Crary Huff provided legal representation for the Seller. Title responsibilities were managed by Kris Graff of Stewart Title. Property Management will continue to operate under Brandi Jorgensen with J & M Real Estate Group and Property Management.
Granite Peak Managing Director Chad Laird states, “We’re excited to enter the Sioux Falls market at this time with the acquisition of 46West. This strengthens our South Dakota presence and will help us to create economies of scale in the region. Additionally, 46West is extremely well located and poised to outpace the growth of its strong submarket as we continue the already proven interior upgrade program along with the implementation of a few innovative revenue streams.”
Director of Acquisitions Brad Osen states, “We are pleased to acquire 46West as the property is in excellent condition with substantial recent capital expenditures poured into the property and a very stable tenant base. Both of which should continue to provide for relatively easy management. Additionally, we are bullish on the Sioux Falls market and see the potential for rising rental rates as population and employment growth continue to accelerate. We are hopeful that this is the first of many investments in this region.”
The acquisition of 46West allows Granite Peak investors to participate in the widely diversified Sioux Falls economy, which is among the strongest in the nation.
Mr. Laird adds, “We continue to seek out exceptional acquisition opportunities for our investors throughout the Western United States. We expect 2021 to continue to present opportunity with broad availability of attractive financing, an increasing interest in the multifamily asset class, and continued relocation of businesses and people seeking better a better business environment and a better quality of life.”
46West Apartments, Playground
About Granite Peak Equity: Granite Peak Equity (http://www.GranitePeakEquity.com) specializes in multifamily real estate investment in emerging markets throughout the Western United States, sourcing stabilized, value-add apartment properties located in stable sub-markets which are poised for growth. These properties are aggressively repositioned to effect: 1) Revenue maximization through targeted capital improvement; 2) Cost containment through the implementation of institutional asset & property management. Granite Peak Equity strategically targets exit from dramatically appreciated assets timed to coincide with an optimal position in the local market cycle. Hold windows average five to ten years.
If you’d like to schedule an interview with one of the Granite Peak Equity team members, please call (406.551.6107) or e-mail Press@GranitePeakEquity.com
SOURCE Granite Peak Equity