Last summer Sioux Falls saw vacancy rates for rental properties reach all-time lows as people struggled to find an apartment available to rent, now developers are working to catch up with that demand, building new multi-housing projects all over town.
“This whole project is about a year long,” Cresten Property Management Asset Manager Steve Michael said.
Building a place more than 240 families can call home takes time.
Two new developments coming to southern Sioux Falls
“This project started in 2017 with Edgewater 1 and it was completed in 2019 with Edgewater 1 and 2,” Michael said.
The Edgewater Villas were Cresten Capital Holdings’ first venture into building its own multi-housing development. The first two buildings filled up fast, even before the pandemic and the increase in housing demand hit Sioux Falls.
It’s why the company began construction on Edgewater 3 in 2020, bringing another 100 higher-end units to this growing corner of Sioux Falls.