December 16, 2019 – JLL announced today that it has closed the sale of a 10-property, 970-unit multi-housing portfolio located in the Midwestern communities of Sioux Falls, South Dakota, and Sioux City, Iowa, on behalf of IRET for a total of $78 million.
JLL marketed the portfolio exclusively on behalf of IRET. Monitor Finance purchased the seven Sioux Falls properties and Monarch Investment and Management Group purchased the three Sioux City properties.
The Sioux Falls tranche totaled 526 units. The seven properties were completed between 1985 and 2000 and all provide residents immediate access to leading employers, entertainment venues and major thoroughfares, including Interstates 29 and 90. The Sioux City tranche comprises three communities encompassing 444 units. With completion dates ranging from 1970 to 1998, all of the properties are located within five miles of the city center, which provides residents access to downtown employers and major retailers. The occupancy for the entire portfolio at sale totaled 93%.
The JLL Capital Markets team representing the seller included Senior Vice Presidents Mox Gunderson, Dan Linnell and Josh Talberg, Vice President Adam Haydon and Senior Director David Gaines.