TEAK 3300 S Westbrooke Ln Immeuble residentiel 128 lots À vendre Sioux Falls, SD 57106

CBRE is pleased to present the opportunity to acquire TEAK, a 128-unit value-add apartment community located in Sioux Falls, South Dakota. The Sioux Falls MSA recently surpassed 300,000 residents and is considered the fastest-growing metro area in the Midwest with 7.6% population growth since 2020.
Originally built in 1973, TEAK is a well-maintained asset that has received significant capital improvements from 2020 to present, including parking lot replacement and the addition of new clubhouse with a community room, fitness center, and leasing office. 57 of the 128 units
have been fully renovated, 17 of which include in-unit washer and dryer. In addition, 17 units have been partially renovated, leaving 54 classic units allowing a new owner to continue the in-place renovation program that has achieved proven rent premiums, with additional upside through further expansion of the renovation program.
TEAK is well-located within Sioux Falls, just off Interstate 29, near Lake Lorraine and The Empire Mall, the most popular mall in the region with over 110 specialty shops and restaurants, including Dick’s Sporting Goods, Lululemon, and Dillard’s. A plethora of retailers including Costco, Target, Hy-Vee, Wal-Mart, Sam’s Club, and Scheel’s are located directly east on W. 41st Street. Roosevelt High School is less than one mile immediately to the west.
With a central and convenient location, TEAK offers residents a short commute to major employment and retailers while providing an affordable place to reside with large units that outperform other properties of its size and vintage.
Well-maintained asset with significant capital improvements in the past five years
Newly constructed clubhouse with fitness center
Proven value-add program on unit renovations; 54 classic units remaining
Asset demonstrates superior quality relative to its competitors
Lowest rent per square foot within its comp set, signaling opportunity for organic rent growth
Over $500 below new-construction rents within a three mile radius
Ideal mix of large 1 and 2 bedroom floorplans, averaging 900 SF
The property consists of 8 two-story concrete buildings on an 8-acre park-like setting
Unbeatable location near many employers, services, shopping, dining, entertainment and recreation
Within 15 minutes of the finest medical centers including Sanford Health, Avera Health and several specialty hospitals
Located on a major retailer corridor--just one mile from the Empire Mall and Lake Lorraine Town Center, which includes prime retailers, entertainment and restaurants such as Target, Dicks Sporting Goods, Lowes, The Home Depot, Macy’s, Scheels, Best Buy, Costco, Dave and Busters, Starbucks and Texas Roadhouse
Near several recreational amenities, including Kuehn Park, Lake Lorraine, Dunham Park, Sertoma Park, Country Club of Sioux Falls and Minnehaha Country Club
Proximity to numerous schools; less than one mile from Roosevelt High School & Oscar Howe Elementary School and two miles from O’Gorman High School
Within six miles of Sioux Falls Convention Center and Downtown Sioux Falls
The Sioux Falls MSA is the fastest-growing metro area in the Midwest since 2020; the city has experienced 7.1% population growth since 2020 and 34.1% since 2010
Excellent surrounding demographics with an average household income of $96,825 and average home value of $293,857 within a one mile radius
Click here for more information: https://www.cbredealflow.com/buyer/agreement?pv=LdMW5ygivWos6AUSk69ZbDBDLgbt3KtL8Q71GFHjjlQEvhIXAzEqejroQXyI9tgB