Case study

Latitude 41

Bellevue, NE

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

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 allowed us to reach 94% occupancy 9 months from construction completion and has maintained an average occupancy of 98% since. Less than six months after completion, we 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.

2.4x

Multiple

26.9%

Estimated Net Leveraged IRR

87%

of Investor Capital Returned