A well-established, multi-family apartment complex in Rapid City, SD came under new ownership in October. The Palms Apartments is comprised of four, two-story apartment buildings and includes 51 studio and 58 one-bedroom units for a total of 109 furnished units.
“This is a great Class C property to have in the portfolio,” said Norm Drake, manager of The Palms Apartments, LLC and CEO of Legacy Development & Consulting Company, LLC.
Formerly the Roadway Inn, The Palms was successfully converted into apartments in 2012. More than half of the units have been recently renovated, and renovations are ongoing as existing tenants move out or transfer units.
“The Palms has consistently had great occupancy, and we expect that to continue,” added Drake. “Its location is highly visible from Mount Rushmore Road—a major artery in Rapid City—and the property is surrounded by a mix of commercial businesses and residential properties. Rents are also very affordable and competitive for this market, so we are able to meet a need in Rapid City, as well.”
Rent starts at $700 per month and includes basic furnishings and utilities. On-site laundry and parking are available to tenants. LPM Property Management is managing the property, and an experienced property manager was added to the team to manage the property on-site.
“Because of this property’s established history of success, investors received their disbursement checks a month earlier than anticipated,” said Drake. “We’re looking forward to continued success for The Palms.”