Split Creek Commons Sells for $23.85 Million in Rapid City

Lloyd Commercial Real Estate recently completed the $23.85 million sale of Split Creek Commons, a 121-unit multifamily property in Rapid City, South Dakota. The July 2026 transaction equates to approximately $197,100 per unit.

Lloyd Commercial Real Estate brokers Jordan Rieffenberger, CCIM, SIOR; Raquel Blount, SIOR; and Wayne Huber represented the listing.

Located at 5160 Shelby Avenue, Split Creek Commons was built in 2024 and includes a mix of studio, one-, two- and three-bedroom apartments. Community amenities include a pool, fitness center, clubhouse, package receiving, controlled access and more.

The property’s scale, newer construction and range of unit types made the sale a notable multifamily transaction in the Rapid City market.

“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. 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.” Jordan Rieffenberger, CCIM, SIOR

Multifamily Investment Sales Across South Dakota

The Split Creek Commons transaction reflects Lloyd Commercial Real Estate’s experience helping owners navigate the sale of multifamily investment properties throughout South Dakota.

A successful multifamily disposition starts well before a property reaches the market. Our team works with owners to evaluate the asset, understand its operating and investment story, determine positioning and pricing strategy, reach qualified investors and manage the transaction through closing.

For owners considering the sale of an apartment community in Rapid City, Sioux Falls or elsewhere in South Dakota, Lloyd Commercial Real Estate can provide market perspective, property valuation guidance and a strategy tailored to the asset.

Considering selling a multifamily property? Connect with our commercial real estate team to start the conversation.