Sagebrook is a 264-unit, Class A multifamily rental project in La Vista, Nebraska, a rapidly growing, dense suburban community southwest of Omaha. The 15.77-acre site is conveniently located just north of Giles Road – one of the main thoroughfares in the western suburbs – and less than a 20-minute drive from downtown Omaha. Access to a premium school district and the City’s new $250M City Centre development are driving rent growth and attractive occupancy levels, creating ideal rental demand in this submarket. The project is an excellent opportunity to deliver a proven multifamily product to the Omaha market.
property
Sagebrook
address
NW Corner of Giles Road & S 96th Street
city, state
La Vista, NE
county
Sarpy County
product type
Market-Rate, Multifamily
construction type
Wood Frame
site size
15.77 acres
construction start
Q3 - 2024
completion
Q4 - 2026
developer
Hubbell Development, LLC
general contractor
Hubbell Construction Services
management
Indigo Living
Cash-on-Cash (7-Year Stabilized Avg.)
IRR (10-Year Hold Period)
Equity Multiple with Sale Year 10
IRR (4-Year Hold Period)
Equity Multiple with Sale Year 4
From Interstate 80
property
Sagebrook
address
NW Corner of Giles Road & S 96th Street
city, state
La Vista, NE
county
Sarpy County
product type
Market-Rate, Multifamily
construction type
Wood Frame
units
264
residential nra
269, 103
average unit size
1,019 SF
site size
15.77 acres
no. of stories
3
parking
456 total parking spaces
construction start
Q3 - 2024
completion
Q4 - 2026
developer
Hubbell Development, LLC
general contractor
Hubbell Construction Services
management
Indigo Living
West of La Vista City Centre
Southwest of Downtown Omaha
Northeast of Werner Park
Cash-on-Cash (7-Year Stabilized Avg.)
IRR (10-Year Hold Period)
Equity Multiple with Sale Year 10
IRR (4-Year Hold Period)
Equity Multiple with Sale Year 4
From Interstate 80
Costar Analytics reported that “rapidly rising interest rates and recession fears have not stopped Omaha, Nebraska’s multifamily market from posting a historic performance this year, leading all major U.S. markets in annual rent growth each quarter for the first time on record."
The La Vista City Centre is a $250 million mixed-use development located just over a mile east of the Sagebrook location. The development features retail, dining, indoor/outdoor music venue, and a 34-acre park.
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