Northmarq’s Midwest team announces sale of 84-unit Sorenson Square apartments in Omaha, NE
ST. LOUIS (Mar. 19, 2024) — Northmarq’s Midwest investment sales team of Parker Stewart, Anthony Martinez, Dominic Martinez and Alex Malzone arranged the sale of Sorenson Square apartments in Omaha, Nebraska. The 84-unit multifamily property, which was built in 1972, is located at 6605 North 64th Plaza in northwest Omaha. Northmarq represented the seller, a Los Angeles-based private investor, in the transaction. The buyer was an Omaha-based private investor.
“Sorenson Square provided an opportunity for new ownership to improve the asset and the ability to maintain a tremendous basis even after a large capital infusion is implemented. The in-place debt, with its 4.65% fixed interest rate, has enough remaining term for the buyer to benefit from a rate which is currently 125 bps below market during the repositioning of the community," said Anthony Martinez.
Built in 1972, Sorenson Square is situated in northwest Omaha proximate to I-29 and I-680, connecting residents to major employers, retail, and entertainment districts. Residents can choose from one-, two and three-bedroom apartments with fully equipped kitchens, private balconies/patios, and updated finishes in select units. Community amenities include: Pet-friendly living, controlled access, on-site maintenance, covered garages and in-building laundry facilities.
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