Val Verde is a 84-unit property built in 2000 and located in a quiet neighborhood in LaVista, Nebraska (Omaha MSA). Val Verde was a unique deal, the trailing financials were not strong, rents were well below market with plenty of room to grow, but the property had it’s share of deferred maintenance issues, and through Due Diligence we discovered more exterior capital expense needs. This property attracted a ton of attention. We had 166 confidentiality agreements, mostly from out of state buyers that resulted in 23 offers, and drove the cap rate down to one of the lowest on record. The results were that we closed on time, for top dollar, and with a great cap rate. The Buyers plan to strategically upgrade units, add some amenities, and push rents.
