Northmarq completes $21.5M sale and acquisition financing for 154-unit multifamily community in central Nebraska

GRAND ISLAND, Neb. (Jan. 23, 2025) — Northmarq’s Midwest Multifamily Investment Sales team led by Parker Stewart, Anthony Martinez, and Dominic Martinez brokered the $21.5 million sale of Residences at Oak Pointe, a 154-unit multifamily property in Grand Island, Nebraska. Built in 2014, the asset has been owned and self-managed by the original developer and offers a mix of studio, one-, two- and three-bedroom floorplans (1,040 average sq. ft.).

Northmarq represented the Grand Island-based seller. The buyer was a West Coast-based private investor.

“Residences at Oak Pointe received significant interest from investors across the country, including 15 written offers,” said A. Martinez. “The property’s long-term ownership by the original developer, organic upside, and its strategic location near $250 million of new development made it an extremely attractive opportunity for investors ranging from high-net-worth individuals to large investment funds.”

Northmarq’s Newport Beach Debt + Equity team, including Joe Giordani, Brendan Golding and Alvin Cao, collaborated with Jason Kinnison of the Omaha office to secure $14.883 million in acquisition financing for the buyer. The permanent fixed-rate loan was completed through a corresponding relationship with Freddie Mac and structured on a 10-year term.

“Northmarq and the lender successfully met the seller’s tight closing timeline to accommodate their up-leg closing,” said Giordani. “Despite the timing challenges around the holiday season, we were able to complete the transaction in under 45 days.”

In addition to being well-maintained, Residences at Oak Pointe also boasts an exceptional historical occupancy track record. The property offers a desirable unit mix and modern amenities, including stainless steel appliances, in-unit washer/dryer, ample storage, private patio/balcony and 127 detached garages.

The multifamily community is ideally located less than half a mile from the $250 million Conestoga Marketplace redevelopment anchored by Target. Residents enjoy convenient access to Grand Island’s top employers, major retailers, entertainment options and other key economic drivers in the rapidly growing city.