Case study
Torello on Maple
Omaha, NE
Torello on Maple is a 324-unit, garden-style apartment community in Omaha acquired by Metonic in 2019. The site overlooks the highly trafficked Maple Street retail area in Northwest Omaha.
Leveraging location, spacious units, and a strong amenity set, Torello on Maple has exceeded rental income growth expectations in comparison to local competition and initial underwriting. Following acquisition, Metonic implemented a unit and amenity improvement plan which has driven occupancy from 70% to an average occupancy of 98% in 2024. To date, Metonic has renovated 239 units yielding an average ROI of 24%.
The property has significantly outperformed our initial underwriting with YE 2022 NOI 15% higher than projected. Stemming from value-add projects and property appreciation, Metonic estimates the property’s current value at $47MM, $10.3MM higher than our purchase price of $36.7MM.