Timberland Partners Sells Omaha Community

Vukota Capital secured a $24.7 million bridge loan to acquire and renovate Legacy Crossing, a 408-unit garden-style property in the city’s North Central submarket.
Legacy Crossing

Vukota Capital Management has purchased Legacy Crossing, a 408-unit community in Omaha, Neb., from Timberland Partners. The property traded for $24.5 million, according to Douglas County records.

The property last changed hands in 2007, when the seller picked up the community from Quarter Circle Capital for $18 million, according to Yardi Matrix. Timberland owns two other multifamily assets in the Omaha area, in addition to an expansive national portfolio of more than 11,000 units, including a 222-unit development underway in the Twin Cities.

The buyer financed the acquisition with a $24.7 million bridge loan provided by Hunt Real Estate Capital. The owner plans to use $4 million of the floating rate mortgage’s proceeds to update and renovate the asset.

Located at 10535 Ellison Plaza in the North Central Omaha submarket, the garden-style community is within half a mile of Interstate 680, 10 miles northwest of the city’s downtown. A Hy-Vee grocery store, two pharmacies and a variety of restaurants are positioned a short walk from the asset.

Amenity upgrades

The community includes a mix of one-, two- and three-bedroom apartments, with floorplans containing between 652 and 1,330 square feet. As of June, the asset was 94.9 percent occupied, per Yardi Matrix data.

“After the renovation is complete, the borrower will offer a competitive amenity package including a clubhouse with an outdoor pool and pool fountain, business center, fitness center, and leasing offices, sports court, pet wash station, dog park, outdoor kitchen, splash park, playground, and detached garage parking,” said Suzanne Cope, director of loan originations at Hunt, in a prepared statement.

Image courtesy of Yardi Matrix