THE OFFERING The Palms Apartments is a 108-unit complex of four apartment buildings situated in the heart of Rapid City’s busiest commercial corridor. Built between 1968 & 1972, the property was converted from an extended stay motel to multifamily housing in 2012. There is a great mix of 51 studios & 57 one-bed units, offering efficient but welcoming unit types. The property is currently 98% occupied. THE LOCATION Rapid City is the second-largest city in South Dakota, with a metropolitan statistical area (MSA) population of 154,000. The Palms Apartments is located on Mount Rushmore Road, directly between Rapid City’s two major job centers. Ideally situated less than a mile north of the Monument Health Services campus and one mile south of Downtown Rapid City, The Palms offers the only 100+ unit market-rate workforce housing option within this two-mile corridor. Rapid City also serves as a gateway to the 1.2-million-acre Black Hills National Forest and is just 30 minutes north of the Mount Rushmore National Memorial. THE DRIVERS Rapid City’s local economy is supported by a diverse group of economic drivers, with the largest sectors being health care services, natural resources and construction, and government jobs. A lack of corporate and individual income taxes gives South Dakota a very business-friendly climate. Energy giant Black Hills Corporation, which provides electric and gas utilities to an eight-state region, calls Rapid City home. Other dominant players in the area include Monument Health and Ellsworth Air Force Base. The region also benefits from a strong tourism and hospitality sector, welcoming 5 million visitors annually. THE DEBT The Palms Apartments is being offered free and clear of existing debt. Please contact Greysteel’s Debt and Structured Finance team to discuss the most efficient financing execution.