Case study

Latitude 41

Bellevue, NE

Latitude 41 is a 204-unit apartment community in Bellevue, NE. Bellevue is a suburb to the south of Omaha, and the site is located in a populated area with quick access to the main highway and primary retail centers.

Leveraging sleek, modern design and best-in-class amenities, Latitude 41 has exceeded rental income growth expectations in comparison to local competition and initial underwriting. Metonic achieved 94% occupancy 9 months after construction completion and has maintained an average occupancy of 98% since. The strong lease up allowed for an early refinance, which 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.