St. Petersburg, FL: Stoneweg US, a real estate investment firm specializing in multifamily acquisitions and developments, today announced the acquisition of Bellevue Hills in Bellevue, Nebraska. The 264-unit community represents the second acquisition for the Company in the state of Nebraska, and its first in Sarpy County, a major submarket in the Omaha MSA. Bellevue Hills is the 10th acquisition for the Company this year.
“Omaha is one of the few US markets that has managed to grow extensively while maintaining a moderate cost of living and minimal inflation disruption to its workforce,” said Ryan Reyes, EVP and Chief Investment Officer for Stoneweg US. “We saw this as a strong correlation to our value-add investment strategy which made Bellevue Hills a natural fit for our portfolio.”
Built in 1974, the multifamily community features 1, 2, and 3-bedroom units averaging 924 square feet.
Bellevue Hills is located 20 minutes from Downtown Omaha and within proximity to some of the best elementary and middle schools in Sarpy County. The area is home to major employers including Tyson Fresh Meats, Tyson Foods Inc, and Union Pacific Corporation; and employs over 8,000 people at various healthcare facilities including the University of Nebraska Medical Center. The property, once classified as affordable, has undergone significant renovations by its previous owner bringing more than 50% of the 264 units to market specifications.
“Bellevue Hills provided an excellent opportunity to expand our market presence in Sarpy County, which not only boasts a low crime and unemployment rate but is also the fastest-growing county in Nebraska,” said Mike Cacciatore, Director of Acquisitions for Stoneweg US. “We’re thrilled to plant our second flag in this highly desirable NE submarket with such a strong foundation and infinite potential.”
Stoneweg US will commit a modest $1.8MM in capital expenditures to bring the remaining units to the current market grade. The capital expenditure budget will also include an asset preservation component and allocate part of the Capex budget to upgrade exterior amenities such as the pool, dog park, and fitness center. Stoneweg US has appointed Roscoe Property Management to manage operations onsite.