June 2, 2021

A project that will bring 180 apartment units to northwest Sioux Falls is underway and features a large package of amenities.

Aspen Heights will be north of Madison Street along Marion Road.

It’s land owned by developer Signature Cos., and it sits in a qualified opportunity zone, making it a timely property to develop, said Chris Daugaard, a partner in Ernst Capital Group, which is serving as asset manager of Aspen Heights.

Lloyd Property Management will serve as property manager.

The project will be built as three 50-unit buildings, one 30-unit building and an outdoor pool and clubhouse.

It will be similar to what Signature is building with its east-side Willows Edge project, Daugaard said.

“It will have an office, a social lobby/game activity room, fitness center and be connected to an outdoor pool and patio and pergola area,” he said.

The plan is to open the first 100 units in 2022, beginning in early spring, and continue building into 2023.

Vacancy rates citywide continue to be historically low, Daugaard said.

“We had a day last week where in the entire portfolio — I’m talking thousands and thousands of units — and there were single digits available to lease, which is crazy.”

More are coming, though. Aspen Heights is the latest of several large apartment complexes planned and under construction for northwest Sioux Falls.

“It’s not out of the question to see 1,200 to 1,500 units going up in Sioux Falls in the next year, year and a half,” Daugaard said.

Five months into the year, city building activity nears $400 million