Greysteel Closes $15.3 Million Sale of Dakota Pointe Multifamily in South Sioux City

SOUTH SIOUX CITY, NE — Greysteel has arranged the sale of Dakota Pointe, a 143-unit Class B multifamily property in South Sioux City, Nebraska, for $15.3 million, or approximately $107,000 per unit. The transaction closed August 28, 2026, with Greysteel representing the seller. Both the buyer and seller are private investors based in South Dakota.

Deal Details: Dakota Pointe Changes Hands at Full Occupancy

Dakota Pointe, located at 200–208 E. 39th Street in the south end of South Sioux City, was built in 1994 and spans approximately 161,982 square feet across a three-story, garden-style configuration. The property offers a mix of one-, two-, and three-bedroom units and was fully occupied at the time of closing. The sale price equates to roughly $94 per square foot.

The property drew multiple offers, and the closing structure was designed to meet the seller's timing requirements while aligning with the buyer's long-term hold objectives. In-place asking rents at the property range from approximately $995 to $1,395 per month across the unit mix.

"Buyers are looking harder at Midwest secondary markets than they were a year ago, and Dakota Pointe drew that interest quickly," said Ryan Carter, Senior Director, Investment Sales at Greysteel. "The investors we surveyed at mid-year told us steady rental demand and yield drive their buying in markets like this one, and Dakota Pointe delivers both."

Class B Assets and the $5–$20 Million Deal Sweet Spot

The Dakota Pointe transaction fits squarely within the investment parameters that Greysteel identified in its Mid-Year 2026 Investor Sentiment Pulse Check. Among active private investors surveyed, Class B assets drew the most interest by property type, and $5 to $20 million was the most commonly cited target transaction size. Approximately 71% of Midwest respondents named yield and cash flow as their primary investment motivation — a profile that aligns with Dakota Pointe's stabilized occupancy and in-place income.

The survey also found that roughly 84% of respondents indicated plans to increase their multifamily exposure in the Midwest over the next 12 to 18 months. Within the Class B segment specifically, value-add Class B and standard Class B each drew 29% of respondents, while Class A drew 18%, underscoring the concentration of private capital interest in the asset class represented by Dakota Pointe.

Midwest Cap Rates Remain Elevated Relative to Other Regions

Midwest multifamily carried the highest regional cap rate in the country in 2025 at 5.8%, compared with 5.5% across other major markets, according to Chandan Economics. That yield premium relative to other regional markets has contributed to increased attention from private investors directed toward secondary Midwest markets, where stabilized assets with strong occupancy can support cash-flow-focused acquisition strategies.

The Dakota Pointe sale is consistent with a broader pattern Greysteel has observed across the region, where mid-sized, stabilized Class B communities are attracting private capital on the basis of occupancy visibility and income stability.

About Greysteel

Greysteel is a commercial real estate investment sales and debt and structured finance advisory firm serving private and institutional investors across geographies and asset types. The firm covers Nebraska, Iowa, and surrounding states from its Omaha and West Des Moines offices.

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Greysteel — Dakota Pointe Sells for $15.3 Million as Private Capital Targets Stabilized Midwest Multifamily