Why is A Miami Company is Buying up Sioux Falls Property? [Photos]
Earlier this month (October 2021) the Pandora Papers,
...a collection of nearly a 12 million leaked private financial records gathered by the International Consortium of Investigative Journalists"- - CNBC
were released to the public. One of the things they revealed was that South Dakota is a haven for the "super-wealthy" and trust companies looking to "dodge taxes". Not that that is what is going on here.
There are many companies that are doing business in our state for a variety of business reasons.
Cision/PRN Newswire reports that -
Since April 2021, Tzadik Properties, LLC, an industry-leading, multifamily property management company, has acquired almost $20 million in South Dakota properties, continuing to build its portfolio in the state.
The majority of the properties are located in the Black Hills area and will be short-term rentals for vacationers. But these won't necessarily be for the average income visitor in West River South Dakota.
But they have also purchased Garden Villas here in Sioux Falls at 625 W 81st St, Sioux Falls. Garden Villas is an apartment complex that was rebuilt in 2017 and has 78 units. Tzadik Properties, LLC purchased this property for $9.5 million.
One of the homes, Vista Lodge near Lead, was purchased for $1,305,000, has hiking trails, ski runs, a sauna, hot tub, and bar. According to the Airbnb website, this will rent for close to $700 per night.
A Rapid City home was acquired for $880,000 and is minutes from Mount Rushmore and the Crazy Horse Monument. It has a wrap-around deck, "incredible views", a wet bar, and more.
Tzadik Properties, LLC has also purchased "multi-family complexes" (apartment buildings and townhome communities) with the intention to do massive renovations on them. They have also acquired a "mobile home community" in Rapid City again with plans to renovate it.
The stated reason for these multi-million purchases -
"These diverse purchases reflect our dedication to building our portfolio in South Dakota" - -Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry.
Sources: CNBC and Cision PR Newswire and Airbnb
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