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2204 Albert St. - Bellevue, NE 68147
PROPERTY Stats
60
UNITS
2012
Year Built
47,024
sF
PROPERTY OVERVIEW
Walnut Creek is a 60-unit mixed-income housing community for seniors located in Bellevue, NE. The property is minutes from Highway 75 providing quick and easy access into Omaha, approximately 8 miles north. Healthcare, dining, shopping venues, and Offutt AFB are all nearby as well.
The property was built and placed in service in 2012 and phase II was built and placed in service in 2013, under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is are existing regulatory agreements in place which requires at least 85% of the units to be rented to income qualifying residents earning no more than 30%, 35%, 40%, 45%, 50%, and 55% of Area Median Income (AMI) limits, which are provided by the Idaho Housing Finance Association. The remaining units are unrestricted.
Walnut Creek Apartments is comprised of one and two bedroom units featuring a fully equipped kitchen with energy star appliances, washer and dryer connections, window coverings, and a a patio or balcony. Community amenities include an a fitness center, laundry facility, leasing office, and maintenance.
Fantastic operational upside at the asset as the rent and income limits are projected to increase by 9.04% in 2024
The property is operating at a steep discount to comparable market rate assets, resulting in a strong historical occupancy and low turnover
60-Unit Senior Mixed-Income property located just 6 miles south of the Omaha city center
The Omaha - Council Bluffs MSA has experienced fantastic rental growth with an 23% increase in rental rates over the last 36 months per Yardi
INVESTMENT HIGHLIGHTS
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Investment Highlights
Fantastic operational upside at the asset as the rent and income limits are projected to increase by 9.04% in 2024
The property is operating at a steep discount to comparable market rate assets, resulting in a strong historical occupancy and low turnover
60-Unit Senior Mixed-Income property located just 6 miles south of the Omaha city center
The Omaha - Council Bluffs MSA has experienced fantastic rental growth with an 23% increase in rental rates over the last 36 months per Yardi
Managing Director
Multifamily
312.845.8572
ralph.depasquale@berkadia.com
Ralph DePasquale
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MIKE TERRY
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
Jeff Irish
125 South Wacker Dr.
Suite 400
Chicago, IL 60606
CHICAGO OFFICE
6225 North Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
INVESTMENT SALES
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 loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by theBerkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Vice President-Originations
503.223.0868
anne.stephenson@berkadia.com
Anne Stephenson
Managing Director
503.261.3668
fred.dockweiler@berkadia.com
Fred Dockweiler
Mortgage Banking
Managing Director
Multifamily
312.845.8572
ralph.depasquale@berkadia.com
License#: 471011898
Ralph DePasquale
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
License #: 89005
MIKE TERRY
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
License #: DB36794
Jeff Irish
125 South Wacker Dr.
Suite 400
Chicago, IL 60606
CHICAGO OFFICE
6225 North Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
INVESTMENT SALES
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Contacts and Office Locations
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 loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by theBerkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Anne Stephenson
Managing Director
503.261.3668
fred.dockweiler@berkadia.com
Fred Dockweiler
Vice President-Originations
503.223.0868
anne.stephenson@berkadia.com
Contacts and
Office Locations
Mortgage Banking