THE LIMELIGHT

1520 Harney Street, Omaha, NE 68102

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39

Units

1905 / 2014

Built / Renovated

Floors 1 & 2 built 1905; Renovated 2014 | Floors 3-5 built :2014

681 

Avg Unit SF

Commercial Space 

Ground Floor

The Opportunity

Berkadia is pleased to exclusively present The Limelight, a premier Class A mixed-use asset located in the heart of Downtown Omaha, Nebraska. 

This investment opportunity stands out due to its exceptional location, durable demand drivers, and strong rent growth fundamentals. The Limelight features a well-balanced unit mix of studio, one-bedroom, and two-bedroom residences — each equipped with in-unit washers and dryers, elevating tenant convenience and supporting continued rent growth (with Omaha posting a 5.9% YoY effective rent increase in Q1 2025). The asset also includes ground-floor retail, currently leased to two popular restaurant and entertainment concepts, adding income diversity and foot traffic synergies. An active Tax Increment Financing (TIF) arrangement is in place through August of 2028, providing new ownership with meaningful cash flow enhancements during the hold period. Strategically located, The Limelight’s leasing efforts benefit tremendously from close proximity to several of Omaha’s largest employers, including: First National Bank (0.2 miles), Union Pacific (0.3 miles), Kiewit Corporation (1 mile), Mutual of Omaha (1.6 miles), University of Nebraska Medical Center (2.1 miles) Contact us today to discuss this exceptional investment opportunity in further detail and to arrange a tour of the property.

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Investment Highlights 

Active TIF agreement in place through August 2028, offering near-term cash flow advantages to new ownership

Located in Downtown Omaha, with close proximity to major employers including Kiewit Corporation, Union Pacific, Mutual of Omaha, and the University of Nebraska Medical Center

Opportunity to acquire scale in a market that posted a 5.9% year-over-year increase in effective rents in Q1 2025, according to Berkadia’s Q1 2025 Omaha Multifamily Market Report

Offering includes 39 Class A apartment units at a basis well below replacement cost

Commercial component 100% leased, allowing initial focus to be on multifamily operations

All units feature above-average ceiling heights, in-unit washer/dryers, and stainless steel appliance packages

Thriving local level economy that is anchored by the presence of four Fortune 500 companies

The Omaha metro has over $9B in recent and ongoing capital investments, highlighting strong growth and investment momentum

Property to be offered free and clear of existing debt

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The Property

Apartment Amenities

  • Washer / Dryer available in all units
  • Cox Internet service provided with 100Mbps speeds – upgrades to 1 GIG are available
  • Fully equipped stainless kitchen including refrigerator, range, dishwasher, and microwave
  • Studios & 1 and 2-bedroom floor plans
  • Soaring 22-foot ceilings*
  • Kitchen island*
  • Private balconies*
  • Exposed brick walls*
  • Wine storage fridge*
  • Stylish wood-look flooring & plush carpeting
  • Bathroom with shower and tub combination
  • Window coverings included

*in select units

Community Amenities

  • Controlled access community with intercom
  • Convenient elevator access
  • Wheelchair and disability accessible
  • 24-hour on-site maintenance
  • Recycling services available
  • Nearby public transportation
  • Free bicycle storage and additional on-site storage
  • Complimentary coffee station
  • Heated underground parking
  • Walking distance to downtown dining & entertainment
  • Corporate housing & furnished homes available
  • Pet friendly community

Commercial Tenants

The Limelight includes two ground floor commercial tenants, Mercury and Cumbia, both operating as restaurant/cocktail lounges. Cumbia and Mercury are established in the local dining and nightlife scene and contribute to regular foot traffic in and around the property. Their presence adds convenience for residents and supports the property’s integration into the urban environment of Downtown Omaha.

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Contact Us

Kansas City office
4800 Main Street
Suite 501
Kansas City, MO 64112

INVESTMENT SALES

Michael Spero
Senior Director
816.656.3705
[email protected]

Niko Vrentas
Director
913.991.0707
[email protected]

Simon Rodewald
Associate Director
682.552.5468
[email protected]

Ralph DePasquale
Managing Director
312.845.8572
[email protected]

Liam Waters
Associate Director
312.845.8576
[email protected]

MORTGAGE BANKING

John Schorgl
Managing Director
816.759.0367
[email protected]

Joel Champion
Associate Director
816.656.3701
[email protected]

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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.  

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