Lloyd Companies Builds 178-Unit Rhys Apartments Affordable Multifamily Development in Northwest Sioux Falls
A new affordable multifamily real estate development is taking shape in northwest Sioux Falls, South Dakota, as Denver-based Big Red Development constructs Rhys Apartments — a 178-unit, income-qualified community at 4415 W. Crossroads Place, near West 12th Street and Interstate 29. Lloyd Companies, a Lloyd Companies subsidiary, is serving as general contractor on the project.
Project Overview: Scale, Design, and Affordability Structure
The Rhys Apartments project is structured as a four-story, wrap-style building with an amenity core at its center. The 178-unit first phase includes two-, three-, and four-bedroom apartments. Rents will be capped at 60 percent of area median income, though the development is structured to serve residents earning between 30 and 80 percent of AMI.
Mike Dill, executive vice president of Lloyd Construction, noted that the project's financing and bid environment came together at a favorable moment.
"We hit the market at the right time and got competitive bids from our subcontractors, so we were able to make it come together the way everyone envisioned," Dill said.
Big Red Development partner Riley McLaughlin said the team's intent from the outset was to deliver a product that stands apart from typical affordable housing. "We plan to have nicer and more durable finishes, and expanded amenities that are not often present in buildings such as this," McLaughlin said. "We will also have solar panels on the roof to help with utility expenses."
Amenity Package and Construction Progress
The amenity program at Rhys Apartments includes outdoor pickleball, basketball, and a multi-surface court, a children's playground, an indoor fitness room, and a bike repair shop. Rooftop solar panels are also incorporated into the design to help offset utility costs for residents.
Dill described the amenity scope as "one of the most elaborate packages we've been involved in" for a project of this type, adding that Lloyd Construction toured comparable developments in Denver to calibrate their approach. "We knew we had to adjust our approach to accommodate the budget, because it's not something normally seen here," he said.
Construction began in late 2025 following approximately 13 months of pre-construction work. As of spring 2026, crews were framing the second floor of the first phase. "Thankfully we had a mild winter, and with the weather cooperating we made good headway with excavation, footing and foundation and started to go vertical sooner than we thought," Dill said.
McLaughlin credited Lloyd Construction's communication throughout the process. "There's direct, clear communication with the best intentions of the project at heart," he said. "From our first initial meeting, we were met with character and professionalism, establishing early trust."
Timeline and Future Phases
Phase 1 of the Rhys Apartments — which encompasses the full 178-unit building and its amenity package — is scheduled for completion in March 2027. A second phase, planned at 35 to 40 units and oriented primarily toward one-bedroom apartments for seniors, is expected to follow approximately three months later. Pre-leasing for the community is set to begin in fall 2026, with the entire community targeted to be ready for residents by late summer 2027.
McLaughlin indicated that planning for a potential third phase is already underway. "We're also currently exploring additional uses of housing in a third phase down the road depending on community need," he said.
Big Red Development's Ryan Tobin graduated from Brandon Valley High School and has spent 20 years developing mixed-use and multifamily properties from Denver. The firm worked with a Denver-based designer on the Rhys project, coordinating with Lloyd Construction throughout the pre-construction and construction phases.
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