Northmarq arranges $17.2M sale, $13.8M acquisition financing for 204-unit apartment community in Omaha
Image source: Northmarq
OMAHA, Neb. — Northmarq’s Midwest Investment Sales team led by Anthony Martinez, Parker Stewart, Dominic Martinez and Alex Malzone — in collaboration with its Chicago Debt + Equity team led by Brett Hood — successfully arranged the $17.175 million sale and $13.779 million acquisition financing of Village at Grant Square, a 204-unit garden apartment located at 7349 Grant St. in Omaha, Nebraska.
Northmarq represented the seller, a New York-based private investment group. The property was acquired by an Illinois-based private investment group.
"Village at Grant Square drew significant regional and national interest, with more than 80% of offers coming from out-of-state investors, including multiple groups looking to acquire their first asset in Omaha demonstrating the continued confidence in the market,” Anthony Martinez said. “The property’s strategic location near the I-680 corridor, scale, and the opportunity to enhance a well-maintained workforce housing property were key drivers for the investor demand.”
Northmarq arranged the permanent-fixed financing on behalf of the borrower through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a five-year term.
Built in 1974, Village at Grant Square sits on 8.31 acres and features eight residential buildings totaling 204 units across a mix of one- and two-bedroom floorplans. It also features a clubhouse, five garages and 324 surface parking spaces. Units include fully-equipped kitchens, large closets, ceiling fans and a private balcony or patio. Select units include updated finishes, vaulted ceiling and wood-look flooring.
Community amenities include a swimming pool, fitness studio, clubhouse with free Wi-Fi, business center, community dog park, picnic and grilling area, on-site management and maintenance, and laundry facilities.
The property benefited from more than $2.3 million in capital expenditures since 2017, including new roofs in 2019, HVAC and mechanical upgrades, common area improvements, and a clubhouse and fitness center remodel.
The property is located within one of Omaha's most dynamic submarkets, offering convenient access to Interstate 680, Dodge Street (Hwy. 6) and 72nd Street. It sits within minutes of Omaha's leading healthcare and employment hubs, including the University of Nebraska Medical Center, Methodist Health System, Children's Nebraska and Nebraska Medicine. The surrounding corridor is undergoing a historic transformation, with more than $3.3 billion of public and private economic development underway, including the $900 million Crossroads mixed-use redevelopment and the $2.19 billion Project Health campus.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
