deal – Loombainvest

Foss Fields Phase I

A groundbreaking local heritage opportunity for accredited investors seeking passive income, tax efficiency, and risk management.

Located in Sioux Falls, South Dakota, this 100-unit development phase (for a projected total of 500 units) will be built within the 300-acre Foss Fields master development dedicated to WWII fighter pilot and local hero Joe Foss, who grew up in a farmhouse on this same land. The project is engineered to work within a high interest rate environment, building and leasing faster than nearly any other comparable apartment development, and delivering risk-adjusted passive returns and superior tax benefits for investors.

TARGETED RETURNS

Estimated totals for every $100K invested

Discover the Exciting Investment Potential

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Discover the Exciting Investment Potential

Foss Fields Phase I – Investor Webinar

Foss Fields Phase I – Investor Webinar

Join us for an exclusive Loomba Investment Group webinar + live Q&A, where we’ll dive deeper into our new investment opportunity:
Foss Fields Phase I — a 100-unit multifamily development and the first step in a 500-unit vision within a prestigious 300-acre master-planned community.

In this live session, we’ll cover:

Accelerated construction timelines to deliver results faster
Faster lease-up strategies to drive early, stable rental income
Risk-adjusted passive returns that stand out in today’s market
Significant tax advantages, including credits that offset W2 income

This is your chance to explore the full details.

FullY Entitled, Shovel-Ready, In Affluent Zip Code

This Class A location (57110 zip) is next to the second largest retail center (Dawley Farm) in Sioux Falls. The high-demand, supply-starved submarket is mostly affluent single-family homes and acreages, so little development opportunity remains in the area (extremely limited competition).

Development Model Accelerates Cash Flow

This Core-Amenity “Reserve Style” project is a set of four 25-unit buildings. We are targeting first unit delivery in 8-10 months, and total construction completion within 16 months. By excluding traditional frills like a gym and underground parking, we build faster, then lease up as each building is completed.

Incredible $140K cost per unit for gorgeous brand new units
Quicker lease-up means faster cash flows
Faster cash flows mean better finance and refinance options
Core Amenities approach nets rents slightly under market premiums but with greatly reduced construction time, cost, and risk

Development Model Accelerates Cash Flow

Incredible $140K cost per unit for gorgeous brand new units
Quicker lease-up means faster cash flows
Faster cash flows mean better finance and refinance options
Core Amenities approach nets rents slightly under market premiums but with greatly reduced construction time, cost, and risk

True KHANservative Underwriting To Bolster Your Upside

The projected returns deliberately exclude certain expected results (we have seen from multiple past projects in the metro), to further reduce your risk and boost the upside on your investment.

These are only a few examples, continuing the Boardwalk Wealth track record of under-promising and over-delivering

Heritage Land Of Local Hero

The project is especially exciting as the property will rest on the original farmhouse land of WWII flying ace Joe Foss; hence “Foss” Fields.

Medal of Honor recipient
20th Governor of South Dakota
Our head of construction, Caleb Veldhouse, sourced the land directly from the descendents
As Joe Foss had to answer the call to go fight in a World War, so do we now answer the call to tackle (and WIN) the battle for modern affordable housing

Heritage Land Of Local Hero

The project is especially exciting as the property will rest on the original farmhouse land of WWII flying ace Joe Foss; hence “Foss” Fields.

Medal of Honor recipient
20th Governor of South Dakota
Our head of construction, Caleb Veldhouse, sourced the land directly from the descendents
As Joe Foss had to answer the call to go fight in a World War, so do we now answer the call to tackle (and WIN) the battle for modern affordable housing

The Sioux Falls Advantage

Thriving & diversified economy: healthcare, tech, retail, service
Higher average household income than national average
Lower unemployment rate than the national average
Housing demand far outpacing supply
Our existing developments in the area allow us insider knowledge plus economies of scale when it comes to property management contracts, maintenance fees, and the like
Rising home prices & rents due to competition from buyers & renters
Minimal competition from existing product as well as constrained future supply as weaker developers have put their pencils down/stopped developing

Unemployment Trend

Sioux Falls consistently maintains a lower long-term unemployment rate than the national average and major markets like Texas, Florida, and Georgia.

Household Income

South Dakota boasts a median income that surpasses both the U.S. national average and other prominent markets like Texas, Florida, and Georgia.

The Sioux Falls Advantage

This is very pronounced in Sioux Falls, with permitting data in 2024 much lower than the same timeframe in 2023 and 2022, and projected deliveries falling off a cliff.

Yet demand for housing remains strong. Showing that once the current supply is absorbed, there will not be enough future supply to meet demand… likely resulting in upward pressure on rents!

We have underwritten conservatively to not rely on higher rents, but this is a powerful potential upside.

VIEW THE DETAILED INVESTMENT SUMMARY

General Partner | Investor Relations & Strategic Partnerships

Vinki Loomba is the Founder and CEO of Loomba Investment Group, an investment firm specializing in real estate syndications. She is a General Partner in multiple syndication projects, including over 2,000 multifamily units, more than 18 industrial properties, and 600 storage units, all part of multi-million-dollar ventures.

She prioritizes strong investor relationships through personalized support, transparency, and a client-first approach. With a risk-managed, long-term strategy, she focuses on sustainable growth, capital preservation, and uncovering high-value opportunities. Her deep market expertise helps professionals build lasting wealth through strategic investments.

Schedule An Investment Strategy Call

Foss Fields Hands-On Leadership Team

Omar Khan

Principal, Boardwalk Wealth

Dusten Hendrickson

Developer, Mailbox Money

CALEB VELDHOUSE

Construction, Veldhouse Companies

Construction, Veldhouse Companies

FAQ

1. How did you get such extensive development experience & success in this market?

Our partners both caleb (lead of construction), and Dusten (developer) have been successfully operating in the local market for over a decade and have deep business, family and community ties in Sioux Falls.

We have two premium developments in Sioux Falls (Blu on Lorraine and The Velthuis) that have an amenity-rich design, opened in 2023, and are at stable occupancy.

In terms of the Core-Amenity “Reserve Style” projects, we have successfully executed this strategy on four other South Dakota developments: the Reserve Flats in Brookings, Washington Crossing in Sioux Falls, Briarwood Reserve in Sioux Falls, and Jefferson Reserve in Sioux Falls. In addition we also have three other Reserve projects in the construction stage — Maple Rock Reserve, Aspen Ridge Reserve, and Bluestem Reserve.

This approach builds faster, gets rents faster, and feeds the starving local demand for quality-yet-amenity-lite Class A shelter.

2. Why develop in a high interest-rate environment?

Rising rates have made it harder to qualify for a home loan. This comes on top of the existing housing shortage in the local market. Further, the higher interest rates have forced less qualified developers out of the market.

Our (successful) policy is to develop if inventory is needed, regardless of the rising or falling of interest rates. When the rates drop back down we refinance, because the price to construction is always cheaper today than tomorrow (with few exceptions).

After a historic supply hitting the market (this is a nationwide phenomenon) in the last few years, in 2025 and beyond we are going to have significantly less supply that should put upwards pressure on rental rates for 2 reasons: (1) strong demand for quality housing as Sioux Falls continues to grow and (2) minimal supply (see image below) to satiate demand. This is on top of housing affordability continuing to worsen nationwide which forces more renters i.e. apartment demand keeps going up.

3. What is the construction plan?

Foss Fields Phase I will be a series of four 25-plexes for 100 units in this phase. This quality but Core-Amenity only design reduces construction costs and allows significant operating efficiencies pre- and post-construction.

Each building will be built one after the other, leasing up as they are complete.

Hard costs of $140K/unit allow us significant luxury to develop a quality product at a lowered price versus our competitors who have not value-engineered effectively.

Upon the completion of each building, the cash flow stream will be seasoned earlier versus the typical development where the entire development has to be constructed before cash flow begins. The earlier seasoning of cash flow allows for a potential earlier refinance (not included in the underwriting for conservatism).

4. What is the exit strategy?

There is only one exit strategy in any real estate investment — sale.

Our unique approach can allow for a quicker refinance due to income seasoning earlier, but we are not hinging on it. If that happens we expect agency or HUD financing.

We are targeting a holding period of 45 months from start of construction.

5. Why Sioux Falls?

There is only one exit strategy in any real estate investment — sale.

Our unique approach can allow for a quicker refinance due to income seasoning earlier, but we are not hinging on it. If that happens we expect agency or HUD financing.

We are targeting a holding period of 45 months from start of construction.

PROJECT TIMELINE

THE LAND IS ALREADY UNDER CONTRACT & SHOVEL READY!

THE LAND IS ALREADY UNDER CONTRACT & SHOVEL READY!

Like all our developments, this project is Ready To Go once funding comes in. No waiting, no guessing; just an efficient and pre-prepared build process that gets to cash flow as soon as possible.

This information does not constitute an offer or solicitation to purchase securities. An offer can only be made by the Private Placement Memorandum (PPM). The PPM and its exhibits have complete information about the Property and the investment opportunity. The information here is not a substitute for an investor’s complete review of all the information attached to the PPM as part of their own due diligence regarding this potential opportunity and its suitability for their investment portfolio.