Four Mile Capital, a privately held real estate investment firm based in Louisville, Colorado, has entered the Omaha market with its acquisition of the Axis Apartments.
The 320-unit, class-A apartment building is in Papillion, Nebraska, a southwestern suburb of Omaha, and encompasses 48 studios, 155 one-bedroom units, and 117 two-bedroom units. The financial terms of the transaction were not disclosed. Lund Company has been awarded the property management contract.
Four Mile Capital seeks investment opportunities in secondary and tertiary markets, with a specific focus in the Mountain West, Midwest and Southeast. This is the company’s first acquisition in nearly two years.
“After turning over literally hundreds of stones in the past year, we were thrilled to find Axis and successfully transact on this closing,” said Ryan Atkin, Four Mile chief investment officer and partner. “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.”