Vukota Real Estate Acquires Legacy Crossing Apartments in Omaha, Nebraska
31 May, 2018
May 31, 2018 – Vukota Real Estate is pleased to announce the acquisition of Legacy Crossing Apartments, a 408-unit apartment building located in Omaha, Nebraska.
The apartment community was constructed in 1979 and features 17 three-story buildings. Located in the northwest quadrant of the city and less than half a mile east of I-680 which connects to I-80, the main east-west thoroughfare in Omaha, the property provides residents with an abundance of retail and entertainment options. Extensive neighboring employment is also a major attraction for residents. Omaha’s suburban office market, which consists of over 5 million square feet, is located two miles from Legacy Crossing.
Historically, the northwest quadrant of the city exhibited one of the most stable submarkets. Essentially an in-fill location with limited room for mew development, occupancies have remained robust with steady rent growth over the past 10 years. Within a 3-mile radius is an estimated population of 75,000+ people, with a median income is $66,000+, and median age of 36 years. Renters occupied housing units measure 41% compared to 33% for the entire metropolitan area. The high demand for multifamily units in this particular area is a testament to its central location within Omaha and close proximity to shopping and employment centers.
The acquisition of Legacy Crossing Apartments expands our portfolio in Omaha to 1,006 units.