Circle Capital Partners, in partnership with Tzadik Management, has acquired LaCrosse Estates, a 265-unit multifamily community at 761 E. Anamosa St. in Rapid City, South Dakota, from Belgarde Property Services.
In the past 14 months, Circle Capital Partners has acquired 1,875 units valued at more than $200 million.
Circle Capital Partners will launch an institutional management program with Tzadik Management on the 1985-built community. It will do some on minor unit and community renovations at the property.
LaCrosse Estates, located on 11.57 acres, is 97 percent occupied and features 50 one-bedroom/one-bathroom units, 48 two-bedroom/one-bathroom units, 118 two-bedroom/1.5-bathroom units, one two-bedroom/two-bathroom unit and 48 three-bedroom/1.5-bathroom units with rents ranging from $684 to $949.
Each unit is complete with a microwave, ceiling fans, air conditioning, dishwasher, galley style kitchen, walk-in closet and patio/balcony. Community amenities include a clubhouse, an indoor Olympic-size pool, whirlpool, sauna and art sport court LaCrosse Estates offers comfortable living close to shopping, dining, interstate access and many other commercial services while still located in a neighborhood like setting.
Michael Haeder handled the transaction on behalf of Circle Capital Partners/Tzadik Management and the seller.