Closed! Stoney Creek Apartments
Class A, 278 Units
New Sight Capital is pleased to announce our partnership team closed on our acquisition of Stoney Creek Highlands Apartments in Rapid City, SD on September 15th!
A huge thank you to the investors who partnered with us in the exciting opportunity.
Embracing a shift away from heavy value-add propositions, New Sight Capital has been seeking more risk-adjusted opportunities. Here’s a few of the highlights which we believe supports this investment thesis:
- 99% Occupied with over 99% collected rents each month
- Waiting list of tenants seeking to lease at property
- Class A, 2008 build with no major deferred maintenance
- Off-market acquisition
- Already achieving business model rent
- Local market is 98% occupied
- Fixed-rate loan in below 6% from Freddie Mac
- Market has lowest unemployment in U.S.
- Pop growth 7x national average
We’re also excited to be partnering with Elevate CIG, who has sourced this acquisition off-market from the developer. It is Elevate’s second acquisition from the developer in this market. We’re also pleased to share that 100% of Elevate’s class A properties are paying distributions to investors, which again lends to a shifting focus for our investors.
