SIOUX FALLS, SD – Tzadik Properties, an industry-leading, multifamily property management company and one of the largest owner operators in South Dakota, bought the Woodlake Apartments in Sioux Falls for an undisclosed sum.
The property is located at 4008 South Louise Ave., Sioux Falls, SD 57106. The agent was Michael Haeder of Haeder & Associates of Rapid City, through an off-market listing in collaboration with Tzadik Executive Vice President and Head of Acquisitions Michael Davalos.
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 1-bedroom and 2-bedroom units, with an average of 725 square feet per unit and average in-place rents of $725 per unit, per month.
The buy, financed by Merchants Bank, is the fourth group of transactions that Tzadik has performed with Lloyd Jones, a real estate investment, development, and management firm that specializes in multifamily and senior housing.
“The buy of Woodlake Apartments is a fantastic opportunity to continue expanding the Tzadik Properties, LLC portfolio,” said Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry. “In Q4 2020, we are adding several communities ― including properties in Houston, Omaha, and Rapid City ― in addition to this property in Sioux Falls.”
Since its formation in 2007, Tzadik has managed more than $1 billion in apartment complexes, over 15 million square feet of commercial real estate, and more than 19,000 units in over 20 states. In 2020, Tzadik bought JM Real Estate, Inc., a full-service, commercial property management, leasing, sales and investment acquisition company that is located in Brevard County, Florida.

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DENVER, CO – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the sale of Watermark at First Creek, a 264-unit Class A multifamily community in Denver. California-based Borello Asset Management, Inc. bought the property for $74.65 million.
“Denver has been one of the fastest growing areas in the nation for more than a decade,” said Josh Purvis, managing partner with Watermark. “This population growth, combined with a lack of affordable single family housing has made strong investor demand and skyrocketing multifamily values. With Watermark’s commitment to building communities based on style, convenience and luxury, it’s no surprise that Watermark at First Creek was especially attractive to investors.”
Watermark at First Creek is located at the northwest corner of Tower Road and Elmendorf Drive. Completed in 2018, the community features an e-Urban® design that is 30 percent more efficient and utilizes 30 percent less materials than traditional design. The one-, two- and three-bedroom apartment homes each contain premium amenities including gourmet bar-kitchen with custom cabinetry, granite countertops, nine-foot ceilings, in-unit washer and dryers and much more. Community amenities include a resort style pool with cabanas and poolside hammocks, a fully equipped clubhouse, gas grilling stations and a 24-hour state-of-the-art fitness center.
The property is conveniently located just 12 miles from the heart of downtown Denver and less than seven miles from the Denver International Airport. Denver’s public rail service, the RTD, also has a stop less than a mile away, and numerous retail and dining options are within minutes of the community.
“We’re very proud to have completed this sale, especially in the current environment,” said Brian Southworth, senior vice president, acquisitions for Watermark Residential. “Watermark at First Creek has been another successful project, and with similar area properties 96 percent occupied, we believe there is a sustained demand for the type of luxury multifamily communities that are our hallmark.”
Watermark remains very active in the Denver area. The Haven by Watermark, located directly across the street from Watermark at First Creek, is currently in lease-up. In addition, Watermark has three more projects actively leasing in the area, with an additional 1,600 units in their pipeline.
Dan Woodward, David Potarf, and Mathew Barnett from CBRE brokered the sale.

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PHOENIX, AZ – Beatitudes Campus recently completed construction on its newest expansion — a neighborhood of 34 Patio Homes. Located on the Myrtle Avenue side of the 27-acre community, the new residences are part of a larger master plot to enhance and expand Beatitudes Campus. A coordinated effort ensured residents could go in easily and safely.
“Beatitudes Campus was fantastic. A personal relocation manager helped with all of the details, including downsizing, packing and unpacking,” said Debbie Gilman, who went into a Patio Home with her husband Mike. “Beatitudes Campus staff helped us set up our TVs, connect to the Internet, hang pictures and rearrange furniture.”
Albert Chung, who went in recently with his wife Cathy, agreed, “Even with the pandemic, everything went smoothly and worked out as plotted. They kept the main road clear and only allowed two families to go into the neighborhood at a time.”
“Our new Patio Homes are the latest milestone in our ongoing plot to enhance our community and offer even more choices,” said Rod Bailey, Senior Vice President, Sales and Marketing. “We’re committed to building for the future and serving older adults, their families and the local community.”
The single-level, attached Patio Homes feature a mid-century modern design with sophisticated features and finishes, a full kitchen, garage, and front and back patios. They come with a lifestyle package that includes full access to Beatitudes Campus’ services, programs and amenities.

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