- Value-Add Opportunity With Strategic Interior Renovations
- Offered At An Attractive Basis
- Strong Submarket
- Conveniently Located Proximate To Employers, Retailers & Universities
- Offered Free And Clear Of Existing Debt
- Can Be Purchased with Thomasbrook
Value-Add Opportunity of $150+/Unit with Strategic Interior Upgrades
Cimarron Hills will enable new ownership to realize significant rent premiums through strategic interior renovations. If no improvements are made, new ownership would inherit an institutionally operated asset operating smoothly and with fantastic cash flow. However, as Cimmaron Hills contains 100% classic units, a monthly increase of $150+/unit could be realized.
Offered at an Attractive Basis
The property is offered at a highly attractive going-in basis relative to replacement cost and recent trades across the market. The opportunity to upgrade existing classic units will provide a clear path to increased returns for future ownership.
The vacancy rate in the Ralston Submarket continues to drop, and at 2.8% is below the long-term average. The apartment inventory didn’t change materially over the past year, which continues a prolonged stretch of limited development activity. New supply will remain minimal in the near-term as nothing is currently underway. Rents have increased by an impressive 8.0% over the past year, which is the strongest annual performance recorded here in more than 10 years. Over a longer window, apartment rent growth in both the Ralston Submarket and the Omaha metro at large has been convincingly strong, if not truly outsized.