Summary
Woodlake Apartments is a 156-unit community located in Sioux Falls, South Dakota. Southwest Sioux Falls is the fastest growing submarket of the city, as Lincoln County has seen over 30% population growth, totaling nearly 20,000 people since 2010. As a result, the demand for existing developments is expected to be stable to improving in the long term.
PROPERTY OVERVIEW
– 156 Units
– Purchase Price: $9.9MM
– Year of Construction: 1974
– Class C Property
BUSINESS PLAN
– Perform full renovations to units with new flooring, paint, appliances, and replacing cabinets & sinks as needed.
– Fix deferred maintenance including sidewalk repairs, asphalt work, and more.
– Remodel the clubhouse, add new signage to the property, add LED lighting, and more.