Latitude 41 Case study

24% Annual Cash Yield
36% Estimated Net Leveraged IRR
59% of Investor Capital Returned

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.