The Rye at Harrison is a 286-unit, Class A multifamily project located in a western suburban submarket of Omaha, a region that has experienced robust rent growth and nation-leading economic growth in recent years. The 14.77-acre site is a 10-minute drive from both I-80 and a proposed 3,000-acre, $5-billion retail, sports, and entertainment expansion to the Nebraska Crossing shopping center. Hubbell brings to the market a proven multifamily product design with a healthy balance of apartments, townhomes and a full suite of resident amenities. The site is designed in a way that could seamlessly transition to a phased delivery schedule.
property
The Rye at Harrison
address
NW Corner of S 213th St & Harrison St
city, state
Omaha, NE
county
Douglas County
product type
Market-Rate, Multifamily
construction type
Wood Frame
site size
14.77 acres
construction start
Q2 - 2025
completion
Q1 - 2027
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
From Highway 6
property
The Rye at Harrison
address
NW Corner of S 213th St & Harrison St
city, state
Omaha, NE
county
Douglas County
product type
Market-Rate, Multifamily
construction type
Wood Frame
units
286
Residential NRA
295,837
average unit size
1,034 SF
site size
14.77 acres
no. of stories
3
parking
563 total parking spaces
construction start
Q2 - 2025
completion
Q1 - 2027
developer
Hubbell Development, LLC
general contractor
Hubbell Construction Services
management
Indigo Living
North of Nebraska Crossing outlet mall
Northwest of Werner Park
Northwest 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
From Highway 6
In June 2024, Costar Analytics reported that Omaha’s multifamily rent growth remained resilient, with annual gains of 2.8%, despite a record year of supply. The same report ranked Omaha as the 10th strongest market among 52 U.S. markets with at least 75,000 units of inventory. In 2023, Omaha led all major U.S. markets in rent growth each quarter for the first time.
Nebraska Crossing, an outlet mall located 6.4 miles south of The Rye’s location, has proposed a 3,000-acre, $5-billion retail, sports, and entertainment expansion that is expected to attract “as many as 20 million annual visitors,” according to the Nebraska Examiner. The expansion will reportedly generate an estimated 40,000 new jobs for the area and create a regional destination.
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*Project details are subject to change. Current as of 11/7/24. This information does not constitute an offer to sell or a solicitation of an offer to buy securities. This information is not intended to be complete and final. The information on this website should not be relied on by anyone reading it as a basis for an investment decision and does not take into account the objectives, financial situation or needs of any potential investors. Investment opportunities offered by Hubbell Realty Company and any of its affiliates are limited to individuals who qualify as accredited investors as defined by U.S. Securities and Exchange Commission regulations. Any offer or sale of securities will be made only through a definitive agreement.