Vukota Real Estate Acquires Tudor Heights Apartments in Omaha, Nebraska
05 December, 2016
VCM Real Estate is pleased to announce the acquisition of Tudor Heights, a 418-unit garden style apartment complex located in Omaha, Nebraska. The transaction closed on November 1, 2016.
Tudor Heights is located along I-680 just off of West Maple Road, and is within two miles of some of Omaha’s largest office parks that collectively comprise over seven million square feet. The property is in proximity to significant employers such as Valmont Industries, AAA Insurance, and Immanuel Hospital. Target, Walmart Kohl’s, and Petco are among several national retailers in the immediate area.
Tudor Heights is located in Northwest Omaha where current stabilized occupancy is ~97%. Rents have grown 3.1% over the past twelve months to $840 per month. Current in place rents at the property are $633/month. The property has 51 recently renovated units with wood vinyl plank flooring, stainless steel appliances, updated lighting and new plumbing fixtures. With 88% of the units still to be renovated, this represents a potential $350,000+ per year of additional revenue. Tudor Height is well positioned for a successful continued renovation program while still remaining attractive and affordable within the submarket.
Currently, VCM Real Estate and it’s subsidiaries own/manage over 2,500 apartment units.