Download Offering Materials: Kearney Apartments
Capstone Apartment Partners is pleased to present the Kearney Apartment Homes, a 107-unit, apartment community located in Kearney, Nebraska. Just outside of Downtown Kearney, the property has several tenant-friendly amenities such as off-street private parking, barbecue area, and is just a few blocks from the Kearney Country Club. Kearney Apartment Homes is also one of the few pet-friendly properties in town with a dog washing station and park for residents to enjoy. The complex is also located a short distance away from the city’s best grocery stores, restaurants, and entertainment. Current ownership has presented an opportunity for new investors to come in and execute a complete renovation program. Based on a modest, but comprehensive budget, Capstone is projecting a potential ROI of greater than 15% along with total rent increases of over 12%. With current multifamily rents in the Kearney Market rising at a rate of ~7% annually, along with a ~4% annual rate in the last three consecutive years, growth has been steadily increasing and outpacing inflation. Additional value-add is available with the opportunity to develop more units on the 2.5 acres located on the west side of the parcel. Furthermore, Kearney is a particularly fascinating and attractive market for properties over 50 units due to the extremely low vacancy rate of 1.8%.