For nearly a century, we have focused on uncovering and creating value while providing a long-term perspective for those who invest alongside of us.
Development
ravello 192
Ravello 192, built in 2019, was Metonic and APOGEE’s first Apartminium product.
Ravello 192 offers residents a curated lifestyle with maintenance-free living and access to West Omaha’s most elevated experiences. The property sits on a highly desirable location at 192nd and Pacific Streets. The area is surrounded by golf courses, retail, two new hospitals, and high-end homes.
Metonic developed the 9.6-acre site with 118 apartments over the course of about one year. Metonic built top of the line townhomes and amenities and offers all in pricing that make the property more convenient to a distinct client. The success of Ravello 192 lead Metonic to develop Ravello 192 Phase II, an additional 68 apartment homes adjacent to the existing development.
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Development
Latitude 41
Metonic and APOGEE developed this institutional-grade, Class B 204-apartment community in Bellevue, NE.
Leveraging the sleek, modern design and best-in-class amenities, Latitude 41 has exceeded rental income growth expectations in comparison to local competition and underwritten expectations. This competitive advantage resulted in 94% occupancy 9 months from construction completion and has since maintained an average occupancy of 98%. Less than six months after completion, Metonic refinanced the property and returned 52% of investor capital.
The property has significantly outperformed our initial underwriting with stabilized NOI 11% higher than projected, primarily due to a favorable lease-up schedule. In March 2021, Latitude 41 was independently appraised with a valuation more than $4MM higher than our construction commencement appraisal of $27.2MM.
Acquisition
Torello on maple
Ravello 192, built in 2019, was Metonic and APOGEE’s first Apartminium product.
Ravello 192 offers residents a curated lifestyle with maintenance-free living and access to West Omaha’s most elevated experiences. The property sits on a highly desirable location at 192nd and Pacific Streets. The area is surrounded by golf courses, retail, two new hospitals, and high-end homes.
Metonic developed the 9.6-acre site with 118 apartments over the course of about one year. Metonic built top of the line townhomes and amenities and offers all in pricing that make the property more convenient to a distinct client. The success of Ravello 192 lead Metonic to develop Ravello 192 Phase II, an additional 68 apartment homes adjacent to the existing development.
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Avg. Annual Net Cash Yield
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Return of Equity Following Stabilization
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Disposition
Sierra Ridge
Sierra Ridge is a 230-apartment home community in San Antonio, TX.
Metonic acquired the property in February 2013 for $11.2MM. The investment strategy was to complete a moderate value-add to apartment interiors and common areas. Upon executing the asset’s business plan and holding for almost 6 years, Metonic completed a sale of the property in February 2019 for $16.5MM.