Four Mile Capital, a privately held real estate investment firm based in Louisville, CO, has acquired the Axis Apartments, their first acquisition in the Omaha market.
LOUISVILLE, Colo., May 13, 2024 /PRNewswire/ -- Four Mile Capital ("FMC", the "Sponsor") has expanded its multifamily portfolio with the purchase of the Axis Apartments (the "Property"), a 320-unit, class-A apartment building located in Papillion, Nebraska, a southwestern suburb of Omaha. The Property is comprised of 48 studios, 155 one-bedroom units, and 117 two-bedroom units. Lund Company has been awarded the property management contract.
"After patiently evaluating market conditions, we are excited to have closed our first deal in the Omaha market, our first acquisition in nearly two years," says Eric Mallon, President and founding partner of FMC. "Omaha is an example of the stable midwestern markets that we love, and Papillion, where Axis is located, has demonstrated well-balanced supply and demand for apartments, a muted construction pipeline, and strong demographics and schools. We're happy to be a part of the community."
The upscale suburban asset offers significant resident amenities, including a resort-style swimming pool, 24-hour fitness center, yoga studio, exterior courtyard with BBQ, picnic areas, fire pit, attached and detached garages, controlled access, elevator access, resident clubhouse, recreation room, and a package receiving area.
The unit finishes include 9-foot ceiling heights, open concept floor plans, modern vinyl plank flooring, oversized closets, in-unit washer and dryer, private patios and balconies, stainless steel appliances, granite countertops, modern finishes, and smart home technology.
"After turning over literally hundreds of stones in the past year, we were thrilled to find Axis and successfully transact on this closing. Purchasing a brand-new, class-A asset at a significant discount to replacement cost, with strong in-place cash-flow, a projected year one 6.5% cap rate, and a sub 20% rent-to-income ratio, positions us well to outperform our initial proforma and deliver on exceptional risk-adjusted returns for our investors," said Ryan Atkin, Four Mile Chief Investment Officer and partner.
Four Mile Capital continues to pursue stabilized and select value-add investment opportunities in secondary and tertiary markets throughout the U.S., with a specific focus in the Mountain West, Midwest and Southeast. FMC employs an opportunistic strategy in acquiring off-market, limited-market and select fully marketed properties that fall below the radar of its institutional peers, targeting investments with a total capitalization between $10MM and $60MM, and between $5MM and $20MM of equity.
Four Mile Capital was formed in 2016 and is led by three veteran real estate principals: Chris Geer, Eric Mallon and Ryan Atkin. Their current portfolio consists of nearly 2,500 units valued at close to $500M, but collectively, they have been involved in the ownership, acquisition, asset management and property management of over 14,000 multifamily units representing over $1B+ in value and have proven their ability to identify and unlock asset value by instituting capital improvement programs and best management practices.
Learn more about Four Mile Capital on their website or on LinkedIn.
Media Contact
Eric D. Mallon, Four Mile Capital, 1 3039264977, [email protected], https://fourmilecapital.com
SOURCE Four Mile Capital
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