Tzadik Properties has purchased the Woodlake Apartments in Sioux Falls, S.D., for an undisclosed sum. The property is located at 4008 South Louise Ave.
Tzadik plans to enhance Woodlake Apartments through approximately $1.5 million in capital expenditures.
Including 156 units on 7.62 acres, Woodlake Apartments is a workforce housing community in a prime location near The Empire Mall, dining and shopping. Woodlake Apartments offers one-bedroom and two-bedroom units, with an average of 725 square feet per unit and average in-place rents of $725 per unit, per month.
“The purchase of Woodlake Apartments is a great opportunity to continue expanding the Tzadik Properties, LLC portfolio,” said Adam Marcus Hendry, Tzadik Properties, CEO. “In the fourth quarter 2020, we are adding several communities — including properties in Houston, Omaha, [Nebraska], and Rapid City, [South Dakota] — in addition to this property in Sioux Falls.”
Since its formation
