Four Mile Capital, a privately held real estate investment firm
based in Louisville, CO, has
acquired the Axis Apartments, their first acquisition in the
Omaha market.
LOUISVILLE, Colo., May 13, 2024
/PRNewswire/ -- Four Mile Capital ("FMC", the "Sponsor") has
expanded its multifamily portfolio with the purchase of the Axis
Apartments (the "Property"), a 320-unit, class-A apartment building
located in Papillion, Nebraska, a
southwestern suburb of Omaha. The
Property is comprised of 48 studios, 155 one-bedroom units, and 117
two-bedroom units. Lund Company has been awarded the property
management contract.
"After patiently evaluating market
conditions, we are excited to have closed our first deal in the
Omaha market, our first
acquisition in nearly two years. We're happy to be part of the
community"
"After patiently evaluating market conditions, we are excited to
have closed our first deal in the Omaha market, our first acquisition in nearly
two years," says Eric Mallon,
President and founding partner of FMC. "Omaha is an example of the stable midwestern
markets that we love, and Papillion, where Axis is located, has
demonstrated well-balanced supply and demand for apartments, a
muted construction pipeline, and strong demographics and schools.
We're happy to be a part of the community."
The upscale suburban asset offers significant resident
amenities, including a resort-style swimming pool, 24-hour fitness
center, yoga studio, exterior courtyard with BBQ, picnic areas,
fire pit, attached and detached garages, controlled access,
elevator access, resident clubhouse, recreation room, and a package
receiving area.
The unit finishes include 9-foot ceiling heights, open concept
floor plans, modern vinyl plank flooring, oversized closets,
in-unit washer and dryer, private patios and balconies, stainless
steel appliances, granite countertops, modern finishes, and smart
home technology.
"After turning over literally hundreds of stones in the past
year, we were thrilled to find Axis and successfully transact on
this closing. Purchasing a brand-new, class-A asset at a
significant discount to replacement cost, with strong in-place
cash-flow, a projected year one 6.5% cap rate, and a sub 20%
rent-to-income ratio, positions us well to outperform our initial
proforma and deliver on exceptional risk-adjusted returns for our
investors," said Ryan Atkin, Four
Mile Chief Investment Officer and partner.
Four Mile Capital continues to pursue stabilized and select
value-add investment opportunities in secondary and tertiary
markets throughout the U.S., with a specific focus in the Mountain
West, Midwest and Southeast. FMC employs an opportunistic strategy
in acquiring off-market, limited-market and select fully marketed
properties that fall below the radar of its institutional peers,
targeting investments with a total capitalization between $10MM and
$60MM, and between $5MM and $20MM of equity.
Four Mile Capital was formed in 2016 and is led by three veteran
real estate principals: Chris Geer,
Eric Mallon and Ryan Atkin. Their current portfolio consists of
nearly 2,500 units valued at close to $500M, but collectively, they have been involved
in the ownership, acquisition, asset management and property
management of over 14,000 multifamily units representing over $1B+
in value and have proven their ability to identify and unlock asset
value by instituting capital improvement programs and best
management practices.
Learn more about Four Mile Capital on their website or on
LinkedIn.
Media Contact
Eric D. Mallon, Four Mile
Capital, 1 3039264977, eric@fourmilecapital.com,
https://fourmilecapital.com
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SOURCE Four Mile Capital