Legacy Development

What Legacy Development does

Legacy Development & Consulting Company, LLC is a privately held, founder-led real estate development and property management firm headquartered at 101 S Main Avenue in Sioux Falls, South Dakota. Established nearly 20 years ago, the firm develops, redevelops, and repositions industrial, commercial, residential, and mixed-use real estate across its two core markets — Sioux Falls and Rapid City — with the stated objective of maximizing total return to its investor base. Its managed footprint, via the wholly owned LPM Property Management subsidiary, spans 1,447 residential units and more than 1.125 million square feet of diversified commercial space, and the firm has cumulatively developed more than $350 million of real estate over the past decade across assets such as Creekside Heights (659 units, Rapid City), Westview Heights (253 units), The Elements (mixed-use, Rapid City), Prescott Place (46 units, downtown Sioux Falls), Phillips Avenue Lofts, Equity Square / Riverview Square, Win Chill Cold Storage, and BridgeView Crossing.

The business operates two interlocking revenue engines. First, a development and investment platform that sponsors projects, structures equity syndications, and earns development, asset management, and equity-level returns from a high-net-worth investor base — supported by a dedicated investor portal (InvestNext) and a Director of Investor Relations. Second, a managed-services platform through LPM Property Management that performs leasing, maintenance, tenant relations, and rent collection across the residential and commercial portfolio, with multi-family occupancy reported at 95–97% versus a market average near 92%. Distribution is direct — in-house broker associates and property managers — supplemented by relationships with NAI Sioux Falls and regional contractors such as Hoogendoorn Construction, Paradigm Construction, and Architecture Incorporated. Pricing is unit-level: residential rents range from roughly $915 to $1,350 per month; commercial NNN rates range from $15–$25 per square foot; and commercial land at developments such as Roundabout Office Park is sold at $220/SF list. The firm has executed several 2020–2022 divestitures of stabilized assets (Win Chill, East 39th Street, GreatLIFE, 85th & Minnesota, 10th & Phillips), consistent with a develop-and-recycle capital model.

Technologically, the firm operates as a non-software business with no proprietary technology platforms disclosed; it relies on RentManager (property management), RHRIS (online applications), and InvestNext (investor relations) as standard third-party systems. Its leadership team — CEO/Senior Principal Norm Drake (former Micro Medical Systems founder, sold to GE in 2000), Principal Gil Haugan Jr. (40 years in construction), VP/Principal Daren Ketcham, General Counsel Brian Bauer (LLM in Taxation), Director of Investor Relations Steven Cain, and Principal Chase Wood — couples development execution with in-house legal and investor-relations infrastructure atypical for a regional firm of its size.

Name

Legacy Development

Legal name

Legacy Development & Consulting Company, LLC

Website

https://legacy-developments.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Legacy Development is a privately held South Dakota real estate developer and property manager that develops, leases, and manages mixed-use, residential, commercial, and industrial properties across Sioux Falls and Rapid City for high-net-worth investors, commercial tenants, and residential renters.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Land Subdivision (23721), New Housing For-Sale Builders (236117), Residential Building Construction (23611)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Real Estate Development Asset Management (Project/Construction-to-Stabilization) (BPAJAMAL)

akta.pro secondary industries

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL), New Construction & Builder Sales (BPAJAAAB)

Keywords

• Commercial real estate development
• Multi-family residential
• Property management services
• Mixed-use developments
• Real estate investment

Headquarters

HQ city

Sioux Falls

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Development Services: Legacy Development earns fees and returns by developing, redeveloping, and repositioning industrial, commercial, residential, and multi-family properties for investors. The company's primary business objective is maximizing total return to investors through strategic development and property management.
2. Property Management: LPM Property Management (a related entity) generates recurring revenue through property management fees across the residential and commercial portfolio. This includes managing multi-family properties, commercial buildings, and mixed-use developments.
3. Real Estate Investment Returns: The company generates returns for investors through lease income, property appreciation, and successful project exits. Investor relationships are managed through trust-based partnerships with preferred returns funded on schedule.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Legacy Development develops, redevelops, repositions, leases, and manages industrial, commercial, residential, and multi-family real estate in Sioux Falls and Rapid City, South Dakota. Its primary business objective is maximizing total return to investors through strategic property development, while delivering high-quality spaces to commercial tenants and residential renters, including 1,447 residential units and more than 1.125 million square feet of commercial space.

Product overview

Legacy Development & Consulting Company, LLC is a commercial and residential real estate developer based in South Dakota with over $350 million of mixed-use, residential, office, retail, and industrial development over the past decade. The company's offerings span multiple product lines: (1) Multi-family residential properties including Creekside Heights Apartments (659 units, Rapid City), Jefferson Heights Apartments (171 units, Sioux Falls), Westview Heights Apartments (253 units, Sioux Falls), Prescott Place Apartments (46 units, downtown Sioux Falls), The Palms Apartments (Rapid City), Heritage Place LLC, and The Residences at Security National; (2) Mixed-use developments including The Elements (99 apartments + 21,000+ SF commercial space, Rapid City), Phillips Avenue Lofts (86 lofts + 5,000 SF commercial), and Uptown Exchange Building Lofts (37 lofts + 3,000 SF commercial); (3) Commercial properties including BridgeView Crossing retail center, Roundabout Office Park, DGR Office Building, Equity Square/Riverview Square office building, and various other retail and office spaces; (4) Industrial/flex properties including Win Chill Cold Storage (330,000 SF), East 39th Street Properties warehouse (212,500 SF), Dakota Warehouse, and Gage Brothers office building; (5) Land development including Tiger Meadows lots and Estates at The Willows Arbors Edge. The company operates its property management services through the LPM Property Management brand, providing tenant services, maintenance, and lease management across its portfolio of 1,447 residential units and 1.125 million square feet of commercial space.

Differentiator

Problem solved

Functional benefit

Products and services

• Creekside Heights Apartments

Quantifiable outcome

• Portfolio occupancy consistently above market average at 95–97% (vs. ~92% market average in Sioux Falls)
• +3 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• DGR EngineeringcoreStrategic or Co-development Partner · 1 January 2022Legacy Development & Consulting Company, LLC serves as development consultant for DGR Engineering's new 16,000 SF office building at Dawley Farms in eastern Sioux Falls, with anticipated occupancy in Fall 2022. The project supports DGR Engineering's growth from approximately 150 professionals across three tri-state locations. Hoogendoorn Construction serves as general contractor and Architecture Incorporated serves as architect.
• Urban Housing PartnerscoreStrategic or Co-development PartnerThird Avenue Lofts (87-unit apartment complex in downtown Sioux Falls) is a partnership between Legacy Development & Consulting Company, LLC and Urban Housing Partners. The project was one of the first in the country to use qualified opportunity fund investment dollars. Norm Drake serves as co-manager of Third Avenue Lofts, LLC.
• Paradigm Construction LLCcoreStrategic or Co-development PartnerParadigm Construction LLC of Sioux Falls served as the general contractor for The Elements, a $14.7 million mixed-use development in downtown Rapid City. Construction began January 11 with completion targeted for Summer 2022.
• Hoogendoorn Construction, Inc.minorImplementation/ SI/ Consulting PartnerHoogendoorn Construction, Inc. based in Canton, SD serves as the general contractor for DGR Engineering's new office building in Sioux Falls.
• Architecture IncorporatedminorImplementation/ SI/ Consulting PartnerArchitecture Incorporated of Sioux Falls, SD serves as the architect on DGR Engineering's new 16,000 SF office building project.
• City of Rapid CityminorStrategic or Co-development PartnerThe City of Rapid City rezoned the former Imperial Hotel property as urban commercial to allow for multi-use facilities and issued the $14.7 million building permit for The Elements. The city views the development as part of its reinvestment corridor strategy for the East of Fifth District.
• Local Developer (Co-Development Partner)minorStrategic or Co-development PartnerLegacy Development co-developed the Uptown Exchange Building Lofts property with another local developer, combining Legacy's development expertise with a partner's local market knowledge.
• NAI Sioux FallsminorChannel Partner/ Reseller/ DistributorNAI Sioux Falls listings are referenced for Legacy's commercial properties, including the Roundabout Office Park listings. Brianna McLaughlin serves as Broker Associate for Legacy.

Scale indicators6 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Lloyd Companies: Sioux Falls-headquartered real estate developer operating across commercial, multifamily, hospitality, and mixed-use. Closest direct competitor to Legacy in the South Dakota market, with overlapping product types, geography, and investor base.
• Goldenrod Companies: Sioux Falls-based real estate investment and development firm active in multifamily, mixed-use, and commercial properties. Direct competitor in the same primary geography with overlapping product types.
• Hauff Company: Regional developer and property manager headquartered in the upper Midwest with multifamily, commercial, and senior living exposure. Comparable to Legacy in asset class mix and regional mid-market positioning.
• Roers Companies: Fargo, ND-based real estate developer focused on multifamily, mixed-use, and student housing across the Upper Midwest. Comparable to Legacy in multifamily scale, regional mid-market focus, and development-to-stabilization business model.

Others

• Hoogendoorn Construction: Canton, SD general contractor that has built Legacy-developed projects including the DGR Engineering office building. Comparable as a regional construction partner with deep ties to Legacy's project execution.
• Architecture Incorporated: Sioux Falls-based architecture firm that has served as project architect on Legacy-led developments (e.g., DGR Engineering building). Comparable as a regional ecosystem participant adjacent to Legacy's development pipeline.

Broad incumbents

• Cushman & Wakefield / NAI Global (commercial broker network): Global commercial real estate services platform. Provides brokerage and advisory services that overlap with Legacy's commercial leasing and owner-occupier land sales in downtown Sioux Falls.

Emerging players

• Capstone Companies: Regional real estate investment and management firm with multifamily and commercial exposure. Comparable in business model and scale, operating in adjacent mid-size markets.

Regional players

• Dawley Farms / Van Buskirk Companies: Sioux Falls-area commercial and mixed-use developers active in the same eastern Sioux Falls submarket where Legacy delivered the DGR Engineering office building at Dawley Farms.
• NAI Sioux Falls: Affiliated commercial brokerage serving the Sioux Falls region. Acts as a channel partner for Legacy's commercial listings (e.g., Roundabout Office Park) and represents overlapping commercial landlord relationships in the same geography.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/LPMPropertiesSD
• LinkedInlinkedin.com/company/legacy-development-consulting-company-llc
• Instagraminstagram.com/lpmproperties_sd

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Legacy Development