Principal David Carlson tells GlobeSt.com that the purchase was made because of the high demand and low supply in the area. "There's been relatively limited development in the area over the last few years, with no development projected, and that bodes well for rent-growth prospects," he says. "On the west end of Omaha is a fantastic demographic and employment base, particularly along Maple Road."

The 10-year-old Steeplechase complex, consisting of 21 three-story buildings at 14949 Manderson Plaza in the city's southwest submarket, is 94% occupied. Amenities include a large fitness center, outdoor swimming pool, in-unit washers and dryers, nine-foot ceilings, fireplaces, garages and balconies/patios. Rents range from $649 per month for a one-bedroom unit to $1,039 per month for a three-bedroom apartment.

Redwood invests in multifamily properties with about 80% of the portfolio being value-add and the other 20% as tenant-in-common, with a concentration in the Midwest, Southeast and sunbelt states. "We think Omaha is a strong market, especially with the amount of universities and jobs at companies such as Mutual of Omaha and Conagra," Carlson says.