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CURRENT PROJECTS

Bluestem Reserve

70 Units

70 Units - Yankton, SD

A three-story, garden-style development. The 70 units will comprise studio, 1, 2, and 3 bedroom layouts with optimized floor plan designs to focus on enhancing the rent per square foot without compromising on quality.

The Team has secured a highly lucrative TID (tax increment district) financing from the City of Yankton. The TID comes in the form of a property tax reimbursement for 20 years. This allows us to save on our biggest expense while being highly accretive to the bottom line. It also provides a significant operating advantage over other developments that do not have a TID as they will have to pay property taxes. The development is strategically located in the growing portion of the City of Yankton. It is near the largest retailers in the City and a new elementary school under construction. Yankton continues to experience an extreme shortage of housing, evidenced by the City’s willingness to to provide a TID.

There will be 5 buildings with 14 units per building. The high-quality, no-frills design reduces construction costs and allows for significant operating efficiencies pre- and post-construction. By developing one 14-plex building at a time, we will be in a position to lease up units as they become available. We are successfully executing this strategy on: Reserve Flats, Velthuis, Briarwood Reserve, Jefferson Reserve, Maple Rock Reserve, and Aspen Ridge Reserve.

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The major benefits of this strategy:

  • Cash flow during construction following the build-lease-build model

  • Stronger financing terms as a result of in-place cash flows

  • Ability to refinance quickly upon construction completion due to seasoned income

 

The last point is especially important as the market is factoring in rate cuts starting in 2024 with material cuts expected by 2025. The development has been stress-tested to work in the current climate of higher interest rates. Delivering the product into a lower interest rate environment in 2025 and beyond can be highly accretive. The potential for a quicker refinance is also not underwritten into the base case to maintain conservatism. Boardwalk Wealth has effectively circumnavigated the challenges during these volatile times by sourcing the attractive piece of land and adding a TIF structure. To further reduce risk, we have teamed with Veldhouse Companies to take on the entire entitlement risk by completing zoning, obtaining building permits, and architectural drawings, resulting in a shovel ready project for investors.

BRIARWOOD (Phase 2)

94 New Units (Total of 154) - Sioux Falls, SD

A private investment opportunity for accredited investors seeking passive income, tax efficiency, and proven risk management.

Our latest multifamily real estate investment opportunity is created to generate growth, income and tax efficiency for accredited investors! Located in Sioux Falls, South Dakota, this 94-unit development phase (for a total of 154 units) with a 45 month hold period will capitalize on the region’s stellar economy: higher-than-average personal incomes, low unemployment and rapid growth. Combined with Boardwalk Wealth's quick-lease construction model, unique risk management framework, and discounted finance terms, early investor demand is high.
Phase 2 investors benefit from reduced risk now that the Phase 1 business plan has been proven out.

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Act now and reserve your spot today.

94 New Units
96 Units

JEFFERSON RESERVE (Phase 2)

96 Units - Sioux Falls, SD

Jefferson Reserve is a multi-phase, three-story, garden-style development. This second

phase will comprise 96 units targeted to be developed within 14-16 months. Phase I construction is completed and leasing on 1 of 3 buildings, with the other 2 buildings coming online now. Building 1 was ~65% pre-leased on opening day, demonstrating the wise submarket selection and business plan. Cash flow from these rents offers Phase II investors a lower-risk development

opportunity.

 

This phase continues our high-quality, no-frills (amenity-lite) design that we have executed not only in Phase I but also on sister projects nearby — Reserve Flats, Briarwood Reserve, and Maple Rock Reserve. Building and leasing one building at a time reduces construction costs and timelines.

 

The project offers significant tax savings potential and deferrals to participating investors:

  • Opportunity Zone: Investors can reinvest capital gains from a recent asset sale (including businesses, stocks, and real estate) and defer paying taxes on the original gains

  • Immediate Depreciation Write-Offs: All investors will receive 2024 tax write-offs from the Phase I units, and again in 2025 from the Phase II units

  • Immediate Tax Credits: As a result of our energy efficient construction, investors will also receive credits (a 1:1 offset to taxes) for both the 2024 and 2025 tax seasons

 

The development is strategically located in the rapidly growing Northwest submarket of Sioux Falls, SD. It abuts the popular Jefferson High School, and is walking distance to Southeast Technical Institute, and The Career and Technical Education Academy. The Amazon Shipping Center is also a short drive away.

 

Jefferson Reserve delivers brand new, Class-A apartments under the $1,400 rent sweet spot. It is located in a clean and safe area that the city is heavily backing with new infrastructure, including several in-demand local amenities. These all come together to align with the emerging, dominant class of renter that is extremely price-sensitive.

 

Boardwalk Wealth has navigated a high interest rate environment, and the end of a rent growth explosion on the tail of an amenities craze, in order to create an opportunity that was years ahead of its time and can be clearly verified by the success of the previous phase, while allowing for even more investor tax relief than the standard multifamily deal!

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Phase II is shovel-ready!

ALL PROJECTS