Eastham Capital Buys Omaha Community
The property will undergo $1.9 million in renovations.
Eastham Capital has acquired The Colonial, a 258-unit residential apartment community located in Omaha, Neb. The new owners purchased the community for $19.1 million.
The new buyer’s majority ownership stake in the property was bought through Eastham Capital Fund VI, LP, their latest investment vehicle. According to PitchBook, the fund closed on $400 million in total commitments in 2021.
Bender Cos., a longtime investment partner of Eastham’s, will assume property management duties at the community. Northmarq brokers Parker Stewart and Alex Malzone oversaw the sale.
The deal’s details
Following the sale, the Colonial will see $1.9 million in renovations, including exterior and interior upgrades, roof replacements, balcony repairs and parking lot enhancements.
Bender Companies will manage the 95 percent occupied asset, which has average rents of just over $961 per month for floorplans averaging 902 square feet.
Built in 1967, the property is located along Highway 64 at 3022 1/2 N 97th St., giving it easy access to downtown. It is about a half-mile from I-680, which leads to the greater Omaha area.
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Located at 3022 1/2 N 97th St., the property sits along Highway 64, which provides easy access to downtown and is a little over a half mile from I-680, which connects the property to the greater Omaha area. Based on Yardi Matrix data, Omaha is one of the most affordable multifamily markets nationally.
Forbes named Omaha the “Best City to Move to in 2024,” and Multi-Housing News ranked it the top Emerging Market because of its strong economy and solid employers. Nebraska Medicine, CHI Health, Methodist Health System, Offutt Air Force Base, home to the U.S. Strategic Command, and several Fortune 500 and Fortune 1000 companies are based there.
News in Nebraska
In August, a joint venture between Cresset Real Estate Partners and Hines Interests obtained $75.5 million to refinance Brickline at The Mercantile, a 379-unit luxury community in Omaha. The 8-year, CMBS loan arranged by Northmarq has an interest rate of 5.81%, according to Yardi Matrix info. The property opened last year.
In June, La Vista City Centre, a $250 million mixed-use development in La Vista, Neb., being developed by by City+Ventures, closed on a $72.2 million refinancing loan. The 1.2-million-square-foot property includes 392 luxury apartments, 32,878 square feet of retail space and 64,883 square feet of office space.
