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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BETHESDA, MD – Walker & Dunlop, Inc. announced that it structured financing for two seniors housing properties. The loans provided $45,000,000 to EWS Real Estate Investment Company for Palo Alto Commons, a 181-unit property located in Palo Alto, California, and $41,000,000 to The MW Group for The Plaza at Moanalua, a 160-bed community located in Honolulu, Hawaii. Both properties offer helped living, independent living, and memory care services.
Russell Dey led Walker & Dunlop’s team in structuring the financing for MW Group, and Mr. Dey and Senior Managing Director Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured attractive fixed rates and an interest-only component.
Mr. Dey commented, “Although the past nine months have been extremely challenging for the seniors housing sector as a whole, we’ve been fortunate to work with clients on properties that have done a fantastic job dealing with the many COVID-related challenges.” He added, “We are thrilled that, thanks to our strong partnership with Freddie Mac, we were able to get these transactions closed despite the ongoing volatility in the broader market.”
Palo Alto Commons, built in 1989 and 2010, is a three-tale, two-building complex with a mix of studio, one-, and two-bedroom units. Amenities at the property include an on-site salon, swimming pool, and clubhouse, as well as individual balconies or patios within each unit. The surrounding neighborhood is desirable for residents, as the property is located near a major shopping center, hospital, and several restaurants, grocers, and pharmacies.
The Plaza at Moanalua is a Class A seniors housing community built in 2011. Residents benefit from housekeeping services, exercise classes, restaurant-style meals, transportation, living rooms and outdoor sitting areas, a fitness room and physical therapy room, and access to a nursing team 24 hours a day.

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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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