The Old Market Lofts buildings were built in 1898, and the seller had renovated the properties in 2000, says Jon Pesce, VP of development with the locally-based Seldin Co. Pesce represented the seller in the deal, while Minneapolis-based Princeton Commercial Group represented the buyer.
The property has a six-story indoor atrium and waterfall, washers and dryers in every unit, 133 underground parking spots for residents and a rooftop deck with a Jacuzzi, pool and exercise facility. Rents run from $750 to $1,350 per month. The retail tenants include Aromas Coffeehouse, Urban Winery and Nomad Lounge.
"Occupancy is more than 95%," Pesce tells GlobeSt.com. "It's a well-stabilized property. In general, the rental market Downtown has been strong for the past six-to-12 months. We see this deal, a sale to an out-of-state owner, as an indication of a belief of strength in the underlying economy of Omaha. They recognized that Omaha is resilient to today's environment, and that unemployment here is very low."
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