Dakota REIT Acquires multifamily units in Sioux Falls
Date: August 20, 2024
Sioux Falls, SD – Dakota Real Estate Investment Trust (Dakota REIT) announces the acquisition of the final phase of a mixed-use property consisting of 294 total apartment units and 17,533 square feet of commercial space. The Rowe on 57th is an upscale apartment complex located at the cross section of Bahnson Ave and 57th Street in Sioux Falls, SD. 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 225,844 square feet of commercial space and 527 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 a multi-year collaboration with Lloyd Companies. Dakota REIT’s development alliance program plays a key role in growing our investment in multifamily assets and facilitating tax deferred exchanges. The amenities at The Rowe on 57th attract and retain residents while its operations contribute positively to Dakota REIT’s Funds from Operations (FFO).”
For more information, please visit www.dakotareit.com or call 701-239-6879
Media Contact: Peter Tanis, Chief Investment Officer
Phone: 701.239.6879 ext. 107
About Dakota REIT: Dakota Real Estate Investment Trust (Dakota REIT) is a real estate investment trust dedicated to acquiring, owning, and managing a diversified portfolio of commercial and multifamily properties. With a focus on strategic partnerships and growth markets, Dakota REIT is committed to delivering superior returns to investors while enhancing the communities it serves.
