Dakota REIT is excited to announce the acquisition of The Rowe on 57th located in Sioux Falls, SD. The Rowe on 57th is an upscale apartment complex consisting of 140 apartment units and 36 townhomes. It is located in the southeast region of Sioux Falls near plenty of dining, education and entertainment including Orange Cat Home Brewery, Harrisburg Horizon Elementary and Groove Entertainment. Complete with clubhouse, pool and fitness center, The Rowe on 57th offers the perfect mix of luxury for young adults or hands off extravagance for retired individuals. The Rowe on 57th was acquired through a development alliance between Dakota REIT and Lloyd Companies. Lloyd Companies is a real estate development and construction company headquartered in Sioux Falls, SD. Dakota REIT and Lloyd Companies have partnered up to bring new construction multifamily units to Sioux Falls and Dakota REIT’s portfolio.
Currently, Dakota REIT owns 208,311 SF of Commercial and 233 multifamily units in the growth market of Sioux Falls. Sioux Falls is a business-friendly community boasting 21% population growth since 2010 and an unemployment rate of 2.4%. “The Rowe on 57th is the perfect addition to our Sioux Falls multifamily portfolio. These development alliances permit Dakota REIT to participate in the value-creation of development activities with less risk and provides us a predictable acquisition pipeline to align with incoming capital. We are focused on enabling additional development alliances with Lloyd Companies to expand our portfolio’s allocation to multifamily.” said President Matt Pedersen.
