Curated News
By: NewsRamp Editorial Staff
July 30, 2026
Foss Fields to Become Largest Apartment Complex in South Dakota
TLDR
- Investors can gain from Mailbox Money Real Estate's fully leased Phase One and the largest building permit in Sioux Falls for Phase Two.
- Foss Fields Phase Two is a 250-unit, $26-27M project with HUD-guaranteed financing, market-rate rents, and a HUD study showing demand for 400+ units.
- Foss Fields adds 500 attainable housing units in Sioux Falls, with Phase One fully leased and Phase Two underway, helping meet community housing needs.
- Foss Fields will become South Dakota's largest apartment complex at 500 units, located near the future busiest intersection in the state.
Impact - Why it Matters
This news matters because it addresses the critical housing shortage in Sioux Falls and South Dakota. By adding 500 units of market-rate housing, Foss Fields will provide much-needed supply, potentially easing rent pressures and offering more options for residents. The project's HUD backing without rent restrictions is a unique approach that could serve as a model for other developers. Additionally, the development's location along a major corridor and near top amenities makes it an attractive option, and its scale signals confidence in the region's growth.
Summary
Mailbox Money Real Estate, led by Dusten Hendrickson, has reached a significant milestone with the completion of leasing at Foss Fields Phase One in Sioux Falls, South Dakota, and the groundbreaking of Phase Two, a 250-unit project carrying the largest building permit issued in the city in 2026. Once the planned third phase is finished, Foss Fields will become the largest apartment complex in the state with 500 units. The announcement was made during a ribbon-cutting event for Phase One, a 100-unit property that is now fully occupied, with 78 units pre-leased before opening.
Phase Two, a roughly $26-27 million project, is financed through a HUD-guaranteed note, marking Mailbox Money Real Estate's first as a HUD-approved developer. However, Hendrickson emphasized that this does not impose rent restrictions, allowing the property to operate at market rates. A formal HUD study revealed demand for over 400 units in the area, justifying the scale. The property is strategically located along Veterans Highway, near the future busiest intersection in South Dakota, and within the top-ranked Brandon School District, close to the Dawley Farm shopping district. Units feature modern interiors with quartz countertops and stainless steel appliances, with rents ranging from $850 to $1,650.
With Phase One fully leased and Phase Two underway, the company is planning a third phase to reach 500 units. The development has sparked community discussion on housing supply and affordability. For more details, visit the company's current deals page.
Source Statement
This curated news summary relied on content disributed by Keycrew.co. Read the original source here, Foss Fields to Become Largest Apartment Complex in South Dakota
