Northmarq’s Midwest team announces $7.2 million sale of 97-unit Ralston House Apartments in Omaha, NE
ST. LOUIS (Mar. 12, 2024) — Northmarq’s Midwest Multifamily Investment Sales team of Parker Stewart, Anthony Martinez, Dominic Martinez and Alex Malzone with Jim Gibson of the Houston office arranged the $7.2 million sale of Ralston House Apartments in Ralston, NE. The 97-unit multifamily property, which was built in 2005, is a 55+ affordable independent living community located at 7301 Q Street in the heart of Ralston. Northmarq represented the seller, an Omaha-based private investor, in the transaction. The buyer was a Dallas-based private investor.
“Ralston House offered buyers turn-key operations with the ability to enhance future NOI by organically pushing revenue and streamlining operations. The buyer assumed the existing HUD loan at a 2.8% fixed rate with 28 years of term remaining,” said Anthony Martinez. “The market continues to show strong appetite for debt assumption acquisitions due to the volatile capital market environment.”
Ralston House is well-located near I-80 and 72nd Street, within the La Vista-Papillion submarket, and in close proximity to over $500 million of new development. The asset had a strong track record under the previous ownership and benefits from ready access to many demand drivers in the area.
Ralston House offers one- and two-bedroom floorplans with a washer/dryer in each unit. Residents enjoy fully equipped kitchens, a private patio/balcony and ample closet space. Community amenities include: Pet-friendly living, elevators, beautiful courtyard with sitting area, business center, community room with regular social activities, access to public transit, on-site maintenance and garages available.
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