Projects currently owned and Developed by Legacy Development 2014:
We have over 100,000,000 of assets owned. Our typical investment features an 8% current pay preferred return with an 11%-15% IRR on the exit. Our last four full cycle deals have averaged over 20% IRR.
402 West 9th: This property is a fully leased 27,000 square foot office building with 9 years remaining on the initial term of the lease. It also includes over 60,000 square feet of highly desirable downtown development ground currently being leased as parking. This project currently pays the investors an 8% return.
Larson Hardware Building: This property was originally built in the early 1900’s and we renovatedthe building to include 1 floor of underground parking, 12,000 square feet of retail office space and two floors of loft apartments. The building has averaged over 98% occupancy. This project was co-developed with Lloyd Companies and we have no outside investors.
Tri-State Creamery Building: This is a historic building that we renovated utilizing Historic Credits and TIF financing. There is about 15,000 square feet of office and retail space that is 95% leased. This was also co-developed with Lloyd Companies and we have no outside investors.
Exchange Building Lofts: This is a brand new 4 story building with underground parking. It consists of 37 lofts apartments and 3,000 square feet of office/retail space. We opened the building March1, 2013 we currently have 37 of the 37 lofts leased. We co-developed this property with Lloyd Companies.
Madison Square Apartments Sioux Falls: This is a 70 unit apartment complex with 6 storefronts located about one block from new event center that is being built. The occupancy since we acquired the asset has been 97% and our investors have received 8.5% cash on cash return for the year.
Dakota Lofts: This project was completed in November of 2103. It is a 4 story building with underground parking that consists of 40 upper end loft apartments with the possibility of condos on the top floor. As of March 1, 2014 we have 35 of the 40 units leased. We are paying an 8% cash on cash return and have projected to exit the asset in 5-7 years yielding a 12-13% IRR.
1510 East 10th Sioux Falls SD: This property consists of about 3,700 square feet of retail/office space and 17,000 square feet of parking. The asset is fully leased to North American Title and Loan. The investors receive a 9% cash on cash return.
MINNDEV PROPERTIES: This property was acquired for redevelopment from multi-family to retail/office within the next 10 years. The property is about 1/2 block on 13th and Minnesota Avenue at the entrance of downtown Sioux Falls. The property currently has 21 apartments on the site. We are currently paying a 9% return to the investors in the property.
214 S. Phillips Ave Sioux Falls SD: This asset consists of a 15,000 square foot building in the heart of downtown Sioux Falls. It is leased to a very successful restaurant and bar. There are 10 years remaining on the lease. These investors have received 9% cash on cash return to date.
Haines Ave Strip Mall: After negotiating a 10 year lease with the previous owner and major tenant in the building we acquired this asset. It is located at 1315 Haines avenue is Rapid City, SD. The building is about 10,000 square feet with the previous owner occupying about 4500 square feet. The other significant tenant is batteries plus occupying over 2,000 square feet. We are currently paying an 8% return to the investors.
HISTORIC SECURITY NATIONAL BANK BUILDING: We acquired the building as an underperforming asset from another entity. The 7 story building consists of 13 high end loft apartments with underground parking and about 30,000 of office/retail space. The lofts have never had a vacancy since opening in 2007 but the building had struggled with retail/office tenancy. Since our acquisition we have filled the remaining office/retail space (about 8,000 sq. ft.) and our paying our investors an 8% return.
Arbors Edge Residential Development: In December of 2013 we acquired the balance of the developed and undeveloped lots in Arbor’s Edge Development in Sioux Falls SD. We partnered with the owner of adjoining golf course and founder of Great Life Tom Walsh. We are excited about the opportunities that collectively we can offer the residents of this development given the proximity to Willow Run Golf course and Great Life Fitness and Golf. No other partners are in this asset.
East 39th Street Properties: In May of 2014 we acquired a 212,500 square foot 10 year old industrial/warehouse asset on a 12 acre site. We negotiated a new 10 year lease with the current tenant who owns/rents over 500,000 square feet of warehouse in Sioux Falls. We acquired the property for about 3,000,000 less than replacement cost. We are paying our investors an 8% return on their investment and consider the asset a long term hold.
Phillips Ave Lofts: This project is a co-developed project with Lloyd Companies and is 86 up-scale lofts with 5,000 square feet of commercial space. We completed the project August 1, 2014 and as of October 1, 2014 we have 82 units rented and continue to receive interest in the commercial space. We are paying our investors an 8% return on the investment.
402 W 9th Street
Sioux Falls, SD 57104
Phone (605) 444-0400
Fax (605) 444-0400
- Over 60 million dollars in transactions completed in less than 3 years
- 4 full cycle transactions completed since January 2010
- An average return of 20.0% IRR for our investors