New apartment complex signals shift in market

By Jodi Schwan

An almost 300-unit multifamily project will open its first apartments in the coming months, and it represents a shift in one developer’s approach to the market.

The Commons, located off 69th Street west of Louise Avenue, is being developed by Signature Cos. and managed by Lloyd Cos.

“The Sioux Falls rental market is changing a little bit,” Signature CEO Clint Ackerman said. “We needed about 300 units, and I couldn’t justify putting all the same style units in, so we broke it into three categories.”

  • The first phase, called The Flats, will launch with a 14-unit building, opening in late May. Rent starts at $785 for a one-bedroom to $1,125 for a three-bedroom, with optional detached garages. Another 14-unit building is under construction, and others will follow as market demands.
  • The second phase, a three-story, 57-unit, traditional-style apartment building, will start construction this spring and open this fall, followed by a four-story, 76-unit building.
  • The third phase, including 71 town homes, will start construction this fall.

“It allows us to potentially capture three markets at the same time,” Ackerman said. “If you look just at the last five years what was being built the most were town homes with very little (traditional) centerload (apartments). I don’t think the overall demand will change too much, but we just felt like we needed to diversify a bit.”

commons apartments

The Commons includes several common areas.

The Commons includes shared amenities such as a large community room with a fitness center, an outdoor pool and a recreation area with a playground and basketball court.

The location near a variety of employers, The Empire Mall area and the interstate system is appealing for residents, said Ashley Lipp, who oversees renting the project for Lloyd.

“That area is really booming,” she said. “And these apartments are a bit more technology focused. When residents move in, they can hook up to the internet right away on their smartphone. The equipment is installed already, and it’s nice to have that right away. A lot of times when you move, you can’t watch TV, can’t stream music, and you’re probably already over your data, so this is a good option.”

The area in front of The Commons likely will develop as office and lighter commercial such as a gas station or small strip mall, Ackerman said. The property to the west is likely to become multifamily, office or other commercial development.

New apartment complex signals shift in market

A nearly 300-unit multifamily project will open its first apartments in the coming months and represents a shift in one developer’s approach to the market.

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