Lloyd Companies Brokers $23.85 Million Sale of Split Creek Commons in Rapid City

Lloyd Companies completed the $23.85 million sale of Split Creek Commons, a 121-unit multifamily community in Rapid City, South Dakota, the firm announced. The transaction closed in July 2026 at approximately $197,100 per unit, marking one of the more notable institutional-scale multifamily trades in the Rapid City market in recent memory.

Transaction Details

The property, located at 5160 Shelby Avenue, was built in 2024 and offers a mix of studio, one-, two- and three-bedroom apartments. Unit sizes across the floor plans range from approximately 505 to 1,182 square feet, consistent with modern garden-style construction. Community amenities include a pool, fitness center, clubhouse, package receiving and controlled access.

Lloyd Commercial Real Estate brokers Jordan Rieffenberger, Raquel Blount and Wayne Huber represented the listing on behalf of the seller.

Broker Commentary

"Multifamily transactions like Split Creek Commons require a strong understanding of the asset, the investor audience and how to position the opportunity in the market," said Jordan Rieffenberger. "Our team was able to bring those pieces together and guide the transaction through closing. We're pleased to have helped complete a significant multifamily sale in the Rapid City market for both the Seller and the new owner."

Rapid City Multifamily Market Context

The sale comes as the Rapid City multifamily market works through a period of supply-driven vacancy adjustment. Vacancy in the market moved from roughly 4% to approximately 12.7% over the recent construction cycle, reflecting an aggressive delivery phase followed by an extended lease-up period. Rapid City has shown the most dramatic improvement in rebalancing supply among South Dakota's peer markets, suggesting a transition toward stabilization.

Statewide asking rents averaged near $1,155 per month in early 2026, up approximately 1.85% year-over-year, with forecasts pointing to 2% to 3% annual rent growth as new supply slows and occupancy improves. Against that backdrop, Split Creek Commons — a near-new, amenitized asset with a diverse unit mix — represented the type of stabilizing Class A product that has drawn investor interest in secondary markets where newer institutional-quality inventory remains limited.

Lloyd Companies' Multifamily Investment Sales Platform

Lloyd Companies operates across construction, property management and commercial brokerage, with a significant focus on multifamily investment sales throughout South Dakota. The firm has described its approach to multifamily dispositions as beginning well before a property reaches the market, with work encompassing asset evaluation, operating and investment story development, pricing strategy, investor outreach and transaction management through closing.

In addition to market-rate investment sales, Lloyd Companies has been involved in affordable housing development finance, with approximately $4.2 million in tax credits awarded for 2025 across four affordable housing developments through the South Dakota Housing Development Authority.

Lloyd Commercial Real Estate provides multifamily investment sales services for owners considering dispositions in Rapid City, Sioux Falls and other South Dakota markets.

Sources

Lloyd Companies — Split Creek Commons Sale Announcement