It’s been another productive year at Metonic Real Estate Solutions! From developments and acquisitions to innovations and events, here are the top ten things to happen at Metonic this year:
- Three New Developments
Our development team has been hard at work this year, with construction commencing at three new properties: Millennium, Square, and Gretna Landing. Millennium Apartments will be Metonic’s first California community, residing in Palm Desert. The community will feature a mix of studio, one, two, and three-bedroom homes. Twenty percent of the 330-apartment home community will be affordable housing. Square Apartments, located in Midtown Omaha, will be a 73-home apartment community adjacent to Triangle Apartments, which was acquired by Metonic in 2021. Gretna Landing Apartments in Gretna, NE will be a five-building, 220-home community featuring a luxury clubhouse, pool, bark park, playground, pickleball courts, outdoor gym, and smart-home living.
2. Two Acquisitions
Metonic acquired two multifamily communities this year, Millbrook Commons and Eko Park, totaling over 200 units added to Metonic’s portfolio. Millbrook Commons, located in San Marcos, TX, is Metonic’s first Build-to-Rent community. Built in 2022, the 88-home property features desirable amenities, including two-car garages, full-sized private backyards, hardwood-style flooring, spacious kitchens, and stainless-steel appliances. Eko Park, a 114-home community in Springfield, MO, was acquired by Metonic via a 1031 Exchange.
- Vita 72 Redevelopment of the Year
In March, the Metonic-owned Vita 72 in Omaha, NE, was awarded CoStar’s Redevelopment of the Year. Vita 72, formerly known as Place 72, was acquired by Metonic in December 2021, with redevelopment commencing in January 2022. Metonic acquired the property with the hopes of bringing it back to life, giving it a full refresh, and allowing it to reach its full potential.
4. Apartminium Trademark
Metonic successfully trademarked the term “Apartminium” with the U.S. Trademark and Patent Office in August. The Apartminium combines the comfort of condominium life with the convenience of apartment renting. Residents enjoy the many Apartminium perks, including all-inclusive pricing, private entrances, attached garages, private patios/balconies, and spacious interiors. Metonic’s Apartminium communities include:
- Opening of Vestara 72
Vestara 72 in Papillion, NE, officially opened its doors to residents in June of this year. The 154-Apartminium community features a mix of one, two, and three-bedroom homes in a convenient location across from Shadow Lake Towne Center. Vestara 72 amenities include a luxury gym, package lockers, electric vehicle charging, and a resort-style pool.
- Third Annual Multifamily Forum
Metonic’s third annual Multifamily Investment Forum, held in October, featured three insightful panels covering the multifamily market outlook, debt markets, and Metonic’s developments and upcoming opportunities. This was Metonic’s largest Forum yet in terms of attendance.
- Average Portfolio Rent Growth of 5%
Metonic’s multifamily portfolio experienced an impressive average rent growth of 5% across 80 apartment communities, contributing to the distribution of over $20 million to our investors.
- Incorporated two new software platforms (Rabbet, Agora)
In line with Metonic’s core value of innovation, Metonic adopted two new software platforms this year: Rabbet and Agora. Rabbet is software for managing construction finances and has been monumental in tracking our current development projects. Agora is our new investor software, which has resulted in a 70% increase in investor engagement.
- New Branding
We are very excited to unveil a new logo and branding! Stay tuned for the reveal of a new website in early 2024.
- Sponsored/Volunteered with 14 Local Nonprofits
Metonic is proud to support nonprofit communities in Omaha. Our team spent several hours volunteering and attending fundraisers to support some incredible organizations, including:
- Builder Foundation
- Habitat for Humanity
- Make-a-Wish
- Together Omaha
- CREW
- AAN
- LLS
- Kaneko
- Financial Planning Association
- United Way of the Midlands
- Dreamweaver Foundation
- Women’s Center for Advancement
- Siena Francis House
- Ace Mentoring
