Nebraska Community Trades for $10M
- May 09, 2017
Marcus & Millichap has announced the sale of Continental Gardens, a 150-unit apartment community in Grand Island, Nebr., for $10.4 million. Bradley Barham, senior associate in Marcus & Millichap’s St. Louis, Mo., office and Max Helgeson, associate in the firm’s Kansas City, Mo., office, represented the seller, a large private investor. They also procured the buyer, a local private investment partnership.
Located at 3111 College St., Continental Gardens is less than 11 miles from Interstate 80 and in close proximity to Grand Island’s retail area. Built in 1977 as a 120-unit community, the property added 30 new apartments in 2016. All were leased within 90 days. The new units feature large floor plans, granite-look countertops, stainless-steel appliances, as well as washers and dryers. Amenities include a clubhouse and a swimming pool.
“We were able to articulate the value and generate multiple full-price offers at a sub-six percent cap rate on in-place net-operating income on primarily 1970s vintage assets,” said Barham in a prepared statement. “The real estate was well maintained throughout the previous owner’s tenure. However, the property still presents a value-add play through management execution and interior upgrades,” he added.
Dan Goaley of Omne Partners in Omaha is Marcus & Millichap’s broker of record in Nebraska.
Recently, Marcus & Millichap also sold a four-unit vacant apartment property in Washington, D.C.
Image via Google Earth