The Riva at Chalco (Phase I) is a 191-unit, Class A multifamily community in a western Omaha suburb, a region experiencing strong economic growth and nation-leading rent increases. The 15.59-acre site offers quick access – a 3-minute drive to I-80, 10 minutes to the Southport retail district, and a 5-minute walk to Chalco Hills Recreation Area, a 250-acre lake within a 940-acre park known for hiking, biking, and fishing. Following Hubbell’s recent expansion into Omaha’s multifamily market, this first phase of a planned 299-unit, 21-acre development will feature apartments, townhomes, and a full suite of resident amenities.
property
The Riva at Chalco
address
SW Corner of Giles Road & S 156th Street
city, state
Omaha, NE
county
Sarpy County
product type
Market-Rate
construction type
Wood Frame
site size
15.59 acres
construction start
Q3 - 2026
completion
Q1 - 2028
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 (5-Year Hold Period)
Equity Multiple with Sale Year 5
Northwest of Interstate 80
property
The Riva at Chalco
address
SW Corner of Giles Road & S 156th Street
city, state
Omaha, NE
county
Sarpy County
product type
Market-Rate
construction type
Wood Frame
units
191
Residential NRA
220,038 SF
average unit size
1,152 SF
site size
15.59 acres
no. of stories
3
parking
construction start
Q3 - 2026
completion
Q1 - 2028
developer
Hubbell Development, LLC
general contractor
Hubbell Construction Services
management
Indigo Living
West of Southport retail district
North of Nebraska Crossing outlet mall
Southwest of Downtown Omaha
Cash-on-Cash (7-Year Stabilized Avg.)
IRR (10-Year Hold Period)
Equity Multiple with Sale Year 10
IRR (5-Year Hold Period)
Equity Multiple with Sale Year 5
Northwest of Interstate 80
In March of 2025, CoStar Analytics reported, “After witnessing nation-leading annual rent growth of 3.4% in 2024, year-over-year gains have accelerated to 3.6% as of mid-March. Over the past three years, Omaha’s average annual rent growth of 4.6% is over twice the U.S. average of 2.1%, with demand and supply-side factors contributing to the recent outperformance.”
In June of 2025, the Nebraska Examiner announced a new $200 million mixed-use development within the Gretna Landing subdivision, located less than 5 miles from the site. The development will include 170,000 SF of office space; 75,000 SF of retail space, housing, and entertainment; and a new 125,000 SF Nebraska Medicine health clinic. Once it’s built out, the Cimarron development is expected to add 500 jobs.
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