SIOUX FALLS, SD – Real Estate Equities Development announced plans for its newest Village Cooperative community, which will be the first owner-occupied senior housing cooperative in Sioux Falls, SD. Senior cooperative housing communities originally started in Minnesota in the 1970s and have had a successful track record with over 120 communities, primarily in the Midwest. Real Estate Equities Development, LLC in Eagan, MN is the developer for the Village Cooperative and now has 32 Village Cooperative communities that are either operating, under construction, or scheduled for construction in the next year and can be found in seven different states.

“Our company started developing Village Cooperative communities in 2003 because we saw the demand for this type of dynamic lifestyle. Cooperatives give active adults and retirees an brilliant home ownership option with a hassle-free lifestyle—all at a fantastic value,” said Keith Jans, President of Real Estate Equities Development, LLC.

Details for the Village Cooperative in Sioux Falls will be unveiled at upcoming public informational seminars that start on March 22nd. They will be held as an opportunity for the public to learn more about how maintenance-free cooperative living works, the community and lifestyle, its Sioux Falls location, the financial benefits as well as a background on cooperative housing and why it has been so well loved. Reservations will be accepted and priority numbers given as an vital step to secure a home in the new cooperative.

The multi-tale Village Cooperative building will feature perfectly decorated community areas including a community room with kitchen, guest suite for friends and families, club room, reading areas, raised outdoor gardening beds, workshop, fitness center, internal storage area and underground heated parking with a car wash bay. Because the building is 100% owner-occupied, priority number holders will have the opportunity to choose from a wide variety of spacious homes that range from approximately 900 sq. ft. to 1,600 sq. ft. of single-level living space. Options vary from one bedroom and one bathroom plans up to 2 bedroom and 2 bathroom plans with a den. Each home is completely maintenance-free and has its own private laundry room, storage area and balcony. Fully-equipped kitchens include spacious, open floor plans with kitchen islands, rollout shelving in the base cabinets and a choice of cabinetry and countertops to suit each member’s personal style. 

The cooperative will also use a Member Services Manager as well as offer courtesy services. As a cooperative, the members control all aspects of ownership. There is no other senior cooperative in the area that offers the convenience and simple lifestyle available at the Village Cooperative.

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PHILADELPHIA, PA – PRG Real Estate, a leading multifamily real estate investment and management firm, announced the addition of three properties to its portfolio during the first quarter of 2018. The combined buy price of approximately $60MM raises the firm’s net assets under management to just under $1 billion. 

PRG’s newest communities include the 132-unit 45 Madison Apartments in the luxurious Country Club Plaza area of Kansas City, the 93-unit newly constructed AMP Apartments in the quickly gentrifying Clifton neighborhood of Louisville, KY, and the value-add 144-unit Beacon Ridge Apartments in Greenville, SC. These acquisitions allow for PRG to grow its already existing presence in each of these markets.

PRG has allocated a significant capital budget to improve each respective acquisition. 45 Madison’s amenity package will be enhanced with a convenient package locker system, new fitness equipment, and a community dog park. AMP Apartments will receive a new package locker system as well, bike repair station, and new signage to highlight the property’s presence along the trendy Frankfort Avenue. Beacon Ridge’s apartment interiors will undergo a complete transformation with new kitchen cabinets and countertops, stainless steel appliances, and the addition of washers and dryers in every apartment home.

PRG’s Chief Executive Officer, Sam Foster stated, “We are very excited about the robust portfolio growth we achieved in the first quarter. Moreover, each of these marketplaces are poised for continued job and population growth which will result in rental rate increases and strong occupancy into the foreseeable future. By transacting timely and effectively, PRG was once again able to capitalize on our existing relationships with the various sellers, brokers, and bankers involved in the acquisition process.” 

Founded in 1985 by Steven Berger and Jon Goodman, PRG Real Estate is a Philadelphia based real estate firm that buys and manages quality apartment communities throughout the eastern half of the United States. Since its founding, PRG has bought over 50 communities and 13,000 apartment units.

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DENVER, CO – Besyata Investment Group and The Scharf Group, both NY-based single family offices, have bought One Dartmouth Place in Denver, CO for a buy price of $65.5 million.

BH Management, Besyata’s long-standing partner and leading property manager of 70,000+ apartments across 23 states, will handle the day-to-day property management and leasing.

One Dartmouth Place, within five minutes of the Denver Tech Center, is a 418-unit Southeast Denver apartment community offering one of the most comprehensive amenity packages in its submarket as well as an abundance of nearby recreation, including a 27-hole public golf course, an 880-acre reservoir, and a 71-mile hiking trail.

Located less than a half-mile from the Nine Mile Light Rail Station and I-225, the community benefits from convenient access to metro Denver. The property sits within 20 minutes of roughly 30% of Colorado’s GDP, 36M SF of office space, 440,000 employees, and 8 Fortune 1000 companies. It is also within close proximity to some of the region’s most well loved retail attractions, including Park Meadows Mall – Colorado’s largest indoor shopping center.

By capitalizing on the exterior capital improvement program implemented by previous ownership, Besyata and Scharf plot to add value to the property through gradual unit renovations in addition to amenity/common area enhancements to better compete with properties in the area.

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