SIOUX FALLS, SD – Tzadik Properties, an industry-leading, multifamily property management company and one of the largest owner operators in South Dakota, in partnership with Circle Capital Partners, bought the LaCrosse Estates Apartments in Sioux Falls. The property is located at 761 East Anamosa St., Rapid City, SD 57701. The agent representing the buyer was Michael Haeder of Haeder & Associates of Rapid City, through a collaboration with Tzadik Executive Vice President and Head of Acquisitions Michael Davalos.
LaCrosse Estates Apartments features 265 units, plus an indoor pool, basketball court, fire pits, greenery, and more, all on 11.57 acres. It is the largest property that Tzadik has bought in the Midwest to date. Tzadik plans to enhance LaCrosse Estates Apartments through approximately $1.7 million in capital expenditures to upgrade the common areas, amenities, and interior units.
LaCrosse Estates Apartments is a workforce housing community offering 1-bedroom, 2-bedroom, and 3-bedroom units, with an average of 815 square feet per unit and average in-place rents of $857 per unit, per month. It is located with 40 minutes to one hour of landmarks such at the Mount Rushmore National Memorial, the foothills of Black Hills, and Custer State Park.
The buy was financed by Merchants Bank.
“We are pleased to have bought LaCrosse Estates Apartments, our largest buy in the Midwest to date,” said Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry. “By purchasing this property, we continue to expand the Tzadik Properties, LLC portfolio. In October 2020, we bought Woodlake Apartments, also in Sioux Falls.”

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CLEVELAND, OH – The NRP Group, the vertically-integrated, best-in-class developer, builder and manager of multifamily housing, announced it broke ground on 21 new projects in 2020, comprised of 4,865 units of market-rate, moderate income and affordable housing, with over $1.3 billion in third-party capital deployed. These numbers represent record levels for the firm, both in terms of total production and individual project scope.
“The NRP Group successfully navigated the challenges presented by the coronavirus pandemic and strategically overcame market disruptions to continue our mission of delivering exceptional rental communities to individuals and families, regardless of income,” said J. David Heller, CEO of The NRP Group. “Our strong culture, shared core values and consistent history of overcoming fantastic challenges has helped our A+ players rally together to keep each other safe while achieving record performance in a very hard environment. I cannot overstate how proud I am of our team.”
The 21 developments that broke ground in 2020 were in the states of Massachusetts, New York, Pennsylvania, Maryland, Virginia, North Carolina, Florida, as well as in Ohio, Indiana, and Texas. They included both the highest cost market-rate development NRP has done – The Rylan in McLean, Virginia – as well as the highest cost affordable development – The Renaissance at Lincoln Park in New Rochelle, New York.
“Keeping all of these projects moving forward during the pandemic has taken grit and creativity, but it is also a testament to the strength of the relationships and goodwill we have developed with our public and private partners and investors,” said George Currall, Principal and Managing Director of Capital Markets at The NRP Group. “We built these relationships by consistently delivering on our commitments and we are thankful for the trust our partners and stakeholders have shown in us through a hard time.”
Over half of the projects in 2020 were affordable housing developments — 12 of 21 or 57% – which will provide housing for residents earning less than 60 percent of area median income. This is significant since the pandemic has place additional pressure on an already existing shortage of affordable housing throughout the U.S. The 2020 NRP project list was rounded out with 3 moderate income housing communities and 6 market-rate communities.
In addition to its record number of groundbreakings, The NRP Group opened 10 communities in 2020, totaling 2,600 units located in six states including Texas, Florida, Massachusetts, Ohio, North Carolina, and Maryland. The openings included 3 affordable housing communities, 1 moderate-income housing community, and 6 market-rate apartment communities.

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ORLANDO, FL – TerraCap Management a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Bridgewater Apartments. Located off Conway Road in Orlando, FL, Bridgewater totals 344 units and features one- and two-bedroom units. The property’s amenities include a fitness center, swimming pools, a dog park, and soccer/tennis courts. The property is located minutes from both Orlando International Airport and downtown Orlando.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, “This acquisition is consistent with our thematic approach of buying well-located workforce housing in high demand growth markets known for in-migration and employment growth. We are excited about the potential upside of this investment.”
Bridgewater has value-add potential due to below market rents that can be increased through both natural rent growth and premium renovations. The property can be repositioned through both exterior and interior renovation programs. “We see this community as a prime candidate for our value-add strategy; attention to operational details combined with interior and exterior upgrades and added amenities can reposition this asset to provide residents with a better environment,” said Albert Livingston, Partner and National Director of Asset Management for TerraCap.
Newmark’s Senior Managing Director, Ryan Temperamental represented the seller in the disposition. TerraCap was represented by Matt Williams and Kyle Schlitt of Newmark’s Debt & Structured Finance group in arranging financing for the acquisition.
Temperamental said, “Bridgewater offered the buyer the opportunity to significantly enhance the property and take advantage of the rental growth of the submarket. Bridgewater was located in the Conway submarket within Orlando, which has a ton of new growth and trendy development in the works. The property also has an incredible location proximity to downtown Orlando, the International airport, and medical employment.”
Schlitt added, “The sponsor was able to take advantage of the extremely low interest rate environment and will be able to focus the additional cash flow generated from the low rate on property enhancements moving forward.”

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