Territory Real Estate Fund, LLC Closed, Raised 3.2 Million
Ernst Capital is pleased to announce that fundraising for Territory Real Estate Fund, LLC has closed. Private investors throughout the US committed $3,200,000 in capital for the acquisition of an existing apartment project located in Pleasant Hill, IA. This is the sole project in the fund. Thank you to all who invested in or considered Territory Real Estate Fund, LLC.
Riverwood Apartments is a well-maintained 69-unit apartment community in Pleasant Hill, Iowa. Pleasant Hill is a rapidly growing eastern suburb of Des Moines, located about 10-15 minutes from downtown Des Moines, Iowa. The city is located at the intersection of US Highway 65 bypass and Iowa Highway 163, and is in close proximity to Interstate 80 and Interstate 35 offering easy access to the rest of the metro. Riverwood Apartments is well located off East University Avenue and directly across the street from a Hy-Vee grocery store along with several other retail businesses.
The property is just under 10 miles from the new Amazon Distribution Center in Bondurant that recently added more than 1,000 jobs. A mix of 1-, 2- and 3-bedroom units will offer residents flexibility to choose the right unit type, floor plan, and price point to fit their needs.
Meet Our Team – Nick Gates
In May 2022, Nick Gates celebrated ten years with Ernst Capital. He joined our team in 2012 and became a partner in 2015. Nick heads the firm’s due diligence review process. He also assists with regulatory compliance, deal structuring and management of our investment partnerships.
What is the most important thing you have learned in your current role? I have learned a lot during my time at Ernst Capital. In college and even before that none of my educational experiences went very far into commercial real estate. Much of my knowledge was from hands on experience and learning from the ground up after starting as a financial analyst. However, attention to detail is the most important thing I developed while at Ernst Capital.
What do you and your family do for fun? I enjoy time outdoors, golfing or hanging out with my wife, Jenn, and sons, Remington & Maverick. Remington loves going to the pool, learning to swim, having squirt gun fights with Dad, and being a ninja. Jenn is a Senior Client Advocate with Marsh McClennan Agency. In her free time, she loves to exercise on her Peloton bike, spend time at the pool, or go for a walk with our two dogs Indie and Sophie.
Meet Our Team – Emily Claar
In September 2023, Emily celebrated ten years with Ernst Capital, she joined our team in 2013 and is a Senior Associate where she assists with human resources, accounting, asset management, marketing activities, data collection, analysis and investor relations.
What do you like most about your job?
The thing that I most enjoy about working at Ernst Capital is the ability to watch a project come to life. Each project that we raise capital for is unique. Considering our projects are all in the region and many right here in Sioux Falls, it’s easy to drive by them frequently and watch the progress. Over the past ten years, I have watched so many parcels of bare land develop into full blown communities.
What do you like to do in your spare time?
Hands down, my favorite thing to do is spend time with my family. My kids, Braxton and Hadley are hilarious and watching them learn and grow is the most rewarding thing. My husband Paul and I stay (probably too) busy with house projects and travel when we can. The whole family also enjoys getting outdoors. My in-laws have a summer cabin in Canada, so we try to get up there to catch the really big fish at least once a year with the whole family. Even if they’re not biting, I’m more than happy relaxing with a good book.
Where is your hometown?
I moved to Mitchell when I was little and graduated from high school there, let’s go Kernels! My mom and most of her family still live in Mitchell, so it’s a quick trip to get back to visit when we can.
Meet Our Team – Karla Jackson
In January 2022, Karla Jackson celebrated ten years with Ernst Capital. She joined our team in 2012, starting in asset management and investment sales. She now runs our commercial real estate brokerage and works with many investors on their private equity investments.
What does a typical day look like for you?
Evolving! My husband John and I have two children, so our days have started very early for many years! Most days include school preparation, homework and school projects, tennis practice and whatever each new day brings. On my way into the office, I usually make a check-in call to our daughter who is in her first year of college. The office schedule is a blend of meeting clients and working on real estate transactions. After work activities include working out, walking our dogs and with any luck, an evening cocktail!
Where is your hometown?
My hometown is Herreid, South Dakota and is located seven miles from the North Dakota border. With a population of 300 people, life moved at much slower pace! Herreid is also my dad’s hometown, so I grew up surrounded by a lot of family. My graduating class consisted of fourteen students – eleven boys and three girls. I learned how to fish and shoot a gun, which I still enjoy doing both. I don’t get back to Herreid very often but am thankful for the memories of growing up in a small town.
What aspect of your role do you enjoy the most?
There are a few things that come to mind with this question. My favorite aspect of my role is meeting and working with clients over the years. I have had the privilege of meeting some great people. I also enjoy working on the real estate transactions. Each deal presents variety and obstacles to challenge me to look at things in a different way. Lastly, I enjoy being part of a small office surrounded by sincere, hard-working people. We support each other and make each other stronger and am thankful to be a part of this team!
Cherry Creek Village I, LLC Closed, Raised 10 Million
Ernst Capital is pleased to announce that fundraising for Cherry Creek Village I, LLC has closed. Private investors throughout the US committed $10,000,000 in capital for the development project located in Omaha, NE. Thank you to all who invested in or considered Cherry Creek Village I, LLC.
Cherry Creek Village –A new multi-family development in Omaha, Nebraska that is expected to be the first phase of a 48-acre multi-phase residential neighborhood with future planned phases including additional townhome-style and traditional multi-family unit types. Cherry Creek Village I is slated to bring 203 new apartment units near the intersection of Potter Street and Highway 133 (Blair High Road). The property will feature five 3-story buildings, a clubhouse and pool area, and 16 detached garage spaces. Residents will have the flexibility to choose among diverse floorplans, with options for many different unit types. All residents will be able to enjoy the property’s attractive amenity package, including the clubhouse, fitness facility and pool area. The clubhouse will also include high-end features like a coffee bar, gaming area and golf simulator attracting year-round use by residents.
Meet Our Team – Tami Broekemeier
We’d like to introduce you another member of our team, Tami Broekemeier. Tami is an Associate with Ernst Capital where she assists with investor relations, data collection, and clerical support for the office. Tami is a graduate of Northeast Technical Community College with an associate degree in Criminal Justice. Tami joined the firm in August and brings with her many years of administrative assistant experience.
What aspect of your role do you enjoy the most? The people. I enjoy meeting new people from all walks of life and look forward to greeting many more new faces when they visit our office. I’ve only been here a short time but can confidently say we have a great group of hardworking people here at Ernst and its inspiring to see how many friendships our Representatives and Associates have built with our clients.
What are three career/life lessons you’ve learned thus far? As a 50+ year old woman three lessons I’ve learned over the years of working/living is to never judge a book by its cover, you CAN teach an old dog new tricks, and you can grow up but don’t grow old.
What do you like to do in your spare time? I’m most at peace when I’m outside in nature whether that’s hiking, biking, kayaking, archery, clay target shooting, reading, or working in the garden. I also love spending family time with my husband Greg, our four children, their significant others and most importantly, our grandson. A rousing game of croquet amongst competitive loved ones really makes the bond of family stronger!
Where do you see yourself in five years? Right here at my desk hopefully surrounded by a few more photos of grandkids.
Dakotas Fund IV closes on sale of east side PetSmart building
Ernst Capital is pleased to report that the Dakotas Real Estate Income Fund IV, LLC (“Dakota Fund IV”) has closed on its sale of the PetSmart property located on the east side of Sioux Falls, SD. The transaction was finalized on July 15th, 2024, as a local investor purchased the property.
New Downtown Convention Center at the Riverline District could be “highest and best use” of land
A consulting firm based out of Chicago, evaluated the current Sioux Falls Convention Center as well as the possibility of a new Convention Center to be built downtown Sioux Falls at the current State Partners location. “There’s a strong corporate base within Sioux Falls and the state of South Dakota, and tapping into that is really helpful. We think this is a really strong idea and has a lot of market support behind it”, according to John Flemming, with Johnson Consulting. Read the linked article below for more on their report.
85th Street interchange is one step closer with financing package approval
“Lincoln County commissioners put skin in the game Tuesday for what is anticipated to be one of the largest commercial developments in South Dakota. The commission approved a $15 million Tax Increment Financing District that will be used to offset the cost of infrastructure along the 85th Street and Interstate 29 area, which is the site of a future highway interchange”, according to the article. Momentum on development of the area will likely be beneficial to 85th Street Crossing, LLC, a land development in the area.

We’d like to introduce you to another member of our team, Luke Bunkers. Luke is an Associate with Ernst Capital where he assists with analysis, data verification, financial models, and regulatory compliance. Luke is a graduate of The University of South Dakota with a Bachelor of Business in Accounting and Finance. Luke joined the firm in January of 2022.