HFF closes sale of Omaha, Nebraska Class A multifamily community

The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Steeplechase Apartments, a 314-unit Class A multifamily community in Omaha, Nebraska.

The HFF investment sales team was led by senior managing director Matthew Lawton, director Sean Fogarty and managing director Marty O’Connell who marketed the property on behalf of the seller, Executive Capital Corporation. Redwood Capital Partners, LLC purchased Steeplechase Apartments on an all cash basis. HFF’s debt team led by managing director Mike Kavanau and director Tim Joyce placed new financing on the property for Redwood Capital.

Steeplechase Apartments is located at 14949 Manderson Plaza close to Highway 64 and Interstate 680 in northwestern Omaha. The 94% leased property has one-, two- and three-bedroom units averaging 1,170 square feet each and featuring full-size washer and dryers, nine-foot ceilings and gas fireplaces. Select units have detached or direct access garages. Community amenities include a fitness center, outdoor swimming pool and playground.

“The Omaha apartment market has been in a recovery phase since 2004 with positive absorption, decreasing vacancy and steadily increasing rents,” said Lawton. “New supply has been nominal in recent years and is projected to remain that way over the near term.”

Executive Capital Corporation owns and manages more than 7,000 apartment units throughout the U.S.

Redwood Capital Partners was formed in 2007 and is based in Chicago. Redwood