Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Investor Pays $15M For Nebraska Apartment Community
Dakota Pointe, a 143-unit multifamily property in the south end of South Sioux City, Nebraska, sold for $15.3 million, or approximately $107,000 per unit. Greysteel represented the seller. Both the buyer and the seller are private investors based in South Dakota.
The property drew multiple offers, and the closing structure met the seller’s timing requirements and the buyer’s long-term hold objectives. At closing, Dakota Pointe was fully occupied and featured a mix of one-, two-, and three-bedroom units in a property built in 1994.
“Buyers are looking harder at Midwest secondary markets than they were a year ago, and Dakota Pointe drew that interest quickly,” said Ryan Carter, Senior Director, Investment Sales at Greysteel. “The investors we surveyed at mid-year told us steady rental demand and yield drive their buying in markets like this one, and Dakota Pointe delivers both.” Greysteel covers Nebraska, Iowa and surrounding states from its Omaha and West Des Moines offices.
