OMAHA, NE—Multifamily communities in the top US markets have been hot commodities for some time now, and the compression of cap rates there has caused many coastal investors to begin looking for opportunities in the nation's interior. Grandridge 930, LLC of Brooklyn, New York, for example, just bought the Grandridge Apartments, a multifamily property located at 5439 N. 100th Plaza in Omaha, NE.
“The investor inquiries seem to be up more than 50% from a few years ago, with a lot of interest coming from out-of-state buyers with no previous presence in Omaha,” Ralph DePasquale, the Chicago-based managing director for Berkadia, tells GlobeSt.com. “These markets don't have a great deal of institutional following and are dominated by leveraged buyers.”
DePasquale and director Laurel Wallerstedt of the Kansas City office worked together to complete this sale. The property was marketed without an asking price and sold on June 29, 2015.
"This was an appealing investment to the buyer due to the size and many value-add opportunities the property offers,” he adds. “The acquisition marked the buyer's first investment in the Omaha market."
The price was not disclosed. The seller was a private investment partnership based in Salt Lake City, UT.
Built in 1974, the property's 470 units offer one-, two-, and three-bedroom floor plans in both apartment and town-home layouts. Unit amenities include fully equipped kitchens, balconies or patios, internet access and ceiling fans. The community has a clubhouse with a swimming pool, spa, tanning beds, laundry room, fitness center and extra storage.
Grandridge Apartments is adjacent to I-680, fewer than four miles from Westroads Mall and about seven miles from the University of Nebraska at Omaha. Top area employers include University of Nebraska Medical Center, Offutt Air Force Base, Children's Hospital and Medical Center and Blue Cross Blue Shield of Nebraska.
“Investors are always looking for class B properties in class A locations,” DePasquale says. “Many of these markets have not seen much new development, so the majority of the product is a little older but offers investors the kind of returns that they desire.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
