Costello Property Management Rapid City Sd
Costello Property Management Rapid City Sd – Partner Dan Costello sold his stake in the company on June 1 to Joan Franken, a longtime employee who started in accounting and grew with the company.
“It won’t be blood, but as far as I’m concerned, it’s still family,” said Costello, whose brother Tom still owns a real estate company. “That’s how I feel about Joan, and how Tom and I have always thought of her.”
Costello Property Management Rapid City Sd
“It’s great to work here,” says Franken, who started 19 years ago and has developed 32 projects. “We’re a growing company, but it feels like a small, family-owned business.”
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Costello manages 3,601 units in 89 properties in South Dakota and Nebraska. About 95 percent of them participate in federally subsidized affordable housing programs. There are 111 employees in the property management company.
Dan and Tom Costello are fourth generation family owners. Their father started building affordable housing in the 1960s, when the federal government first subsidized it.
“This has always been our primary focus,” Dan Costello said. “There are a lot of people out there who do affordable housing, but that’s not what they’re doing.”
Companies develop their projects as market prices in several ways. This includes site selection, aesthetic considerations and the provision of certain materials.
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“What we’re always trying to do is come up with a better plan,” Costello said. “It’s based on the fact that affordable housing is like any other housing. If you have a good location and better, more modern products, you’re going to have a better housing.”
A new Costello project in southeast Sioux Falls is filling up before it opens. Chasing Willows Apartments near 54th Street and Sycamore Avenue will add 62 units in two buildings plus a community room.
The company’s first 124 projects in the neighborhood had long waiting lists, and half of the new projects are full even though they won’t open until August.
“It’s a great location, a new part of town, and it’s going to grow there,” Franken said. “There’s no such thing as cheap housing. There’s only a nice location. It just helps the property to be successful, it makes the bankers and investors happy, and with our products we’ve tried so hard to be a market-for- the individual … so the neighborhood will welcome them into the community.”
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One project the company owns will add 62 homes in Rapid City. Costello also agreed to build and manage a 30-unit project at Yankton and Westwood Apartments in Sioux Falls, which will add 56 units at 32nd Street and Ellis Road.
“They are a very good company, very professional,” said Lorraine Polak, director of rental housing development. “They just do a wonderful job, and we have a great relationship with them. They’ve really touched a lot of communities in the state.”
“The integrity of what we build is very important,” Franken said. “We don’t want it to look like low-income housing. It needs to have market-rate amenities and amenities and be a great place for people to live.”
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