OMAHA, NE – Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has announced the acquisition of The Colonial, a 258-unit residential apartment community in Omaha, Nebraska.
South Florida-based Eastham Capital has obtained a majority ownership interest in the deal through its current fund, Eastham Capital Fund VI, LP. Bender Companies, who has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management. The property was brokered by Northmarq brokers Parker Stewart and Alex Malzone.
The apartment community is currently 95% occupied with average rents of just over $961/month. The acquisition includes a renovation budget of $1.9 million, which will include
interior unit renovations and exterior upgrades, including roof replacements, balcony repairs, and parking lot enhancements.
“We are thrilled to be making our first acquisition in Nebraska with The Colonial and our tenth acquisition with Bender Companies, who has consistently outperformed in our JVs,” said Matthew Rosenthal, founder and managing partner of Eastham Capital. “Although we believe that Omaha has been overlooked, its job diversity and lower-than average unemployment rate makes it market poised for substantial growth.”
Omaha’s strong economic growth has earned national recognition, with Forbes naming it the #1 Best City to Move to in 2024 and Multi-Housing News ranking it the #1 Emerging Market.
Omaha is ranked highly as there are numerous strong employers such as Offutt Air Force Base, which is notably home to the U.S. Strategic Command, Nebraska Medicine, CHI Health, and Methodist Health System and several Fortune 500 and Fortune 1000 companies.
Built in 1967, The Colonial offers spacious floor plans averaging 902 square feet and a range of onsite amenities, including an outdoor swimming pool with a sundeck, a community room, in-building laundry facilities, and storage lockers. The property features a mix of studio, one-, two-, and three-bedroom layouts.
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.
For more information on Eastham Capital's unique investment approach and property portfolio, visit www.easthamcapital.com