Stark Lands $44M for BTR Project
The 244-unit community marks the company's first Nebraska foray.
Stark Enterprises has secured construction financing for Teal Ridge Village, a build-to-rent project encompassing 244 homes in Gretna, Neb., a suburb of Omaha, Neb. Bankers Trust Co. issued the $44 million note, according to public records.
Work is slated to kick off this summer and completion is set for 2027. Arbor Construction—Stark Enterprises’ wholly owned subsidiary—will serve as general contractor. BTR operations and management will be handled in-house as well.
Spanning 44 acres at 18502 Schram Road, the site is about 21 miles southwest of downtown Omaha. Thoroughfares such as U.S. Route 6 and Interstate 80 will be roughly 3 miles from the project.
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Teal Ridge Village will comprise one- to three-bedroom ranch-style homes with attached two-car garages and private driveways. Community amenities are set to include a gym, clubhouse with community room, swimming pool and playground, as well as grilling stations, a sports simulator and a dog park.
Through this development, Stark Enterprises expanded its BTR presence to three states and its overall footprint to nine states. In Florida, the firm is working on the 454-unit Summer Pointe Village project. The developer expects to complete the single-family rental community this summer.
Omaha BTR completions picked up in 2024
In lockstep with national trends, metro Omaha’s BTR completions activity continued to increase in 2024, clocking in at 554 rental homes, according to Yardi Matrix. However, this figure is expected to drop to just 157 units this year.
As of April, Greater Omaha’s BTR pipeline comprised two communities underway with 50 units or more, the same data provider shows. Roughly 260 rental homes were under construction, while 754 units were in the planning and permitting stages.
Another developer that recently expanded its BTR presence in metro Omaha is Cavan Cos. Last August, the firm revealed plans to build two projects comprising 466 units.
