Eastham Capital, a Florida-based, private equity real estate firm that transforms undervalued multifamily real estate, has announced the acquisition of The Colonial, a 258-unit apartment complex near 97th & Maple Street in Omaha. The sale price was $19.1 million.
Eastham Capital has obtained a majority ownership interest in the deal through its current fund, Eastham Capital Fund VI, LP. Bender Companies, which has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management.
The apartment property is currently 95 percent occupied with average rents of just over $961 per 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,” 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, which is making the market increasingly attractive to out-of-town investors. Forbes named Omaha the #1 Best City to Move to in 2024 and Multi-Housing News ranked it the #1 Emerging Market.
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 is located a little over a half mile east of Interstate 680. Based on Yardi Matrix data, Omaha is one of the most affordable multifamily markets nationally.
