RevereCRE

Whisper Ridge Commons

5910 S Graystone Ave, Sioux Falls, SD 57108, United States

Whisper Ridge Commons

Constructed in 2021, the property was 100% leased upon final Certificate of Occupancy in June. Whisper Ridge features best-in-class property amenities including an outdoor pool, resident clubhouse, fitness center, golf simulator, and game room. Apartment amenities include central air, in-unit laundry, and patio/balcony space.

Access Data Room
# Units
221 Units
Year Built
2021
Square Feet
182.55 K Sq. Ft.
Property Type
Multifamily
Deal Type
Acquisition
Risk Profile
Core Plus

EXECUTIVE SUMMARY:

Jones Lang LaSalle Americas, Inc. (“JLL”), is please to present for sale - Whisper Ridge Commons, a 221-unit apartment community located in Sioux Falls, SD.

 

Constructed in 2021, the property was 100% leased upon final Certificate of Occupancy in June. Whisper Ridge features best-in-class property amenities including an outdoor pool, resident clubhouse, fitness center, golf simulator, and game room. Apartment amenities include central air, in-unit laundry, and patio/balcony space. 

 

Sioux Falls is the second fastest-growing MSA's in the Midwest (and ranking in the top-50 in the US), increasing its population 50% since 2000. South Dakota led the country in personal wealth growth in 2020 and is fourth in median household income growth from 2019 to 2021. The Tax Foundation ranked South Dakota second in their State Business Tax Climate Index in 2021.

 

Whisper Ridge presents an outstanding opportunity to purchase a sizeable asset in a high-growth market. Occupancies in Sioux Falls currently exceed 96%, as rents have grown over 27% year-over-year in 2022. In-place rents at Whisper Ridge are $150-$250 below the competitive rent set, allowing for higher trade-outs upon new leases and renewals.

 

Offered for sale free and clear of existing debt, JLL is seeking qualified investors to purchase this asset with an anticipated closing date in Q1 2023.