Principal David Carlson tells GlobeSt.com that the purchase wasmade because of the high demand and low supply in the area."There's been relatively limited development in the area over thelast few years, with no development projected, and that bodes wellfor rent-growth prospects," he says. "On the west end of Omaha is afantastic demographic and employment base, particularly along MapleRoad."

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

Redwood invests in multifamily properties with about 80% of theportfolio 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 ofuniversities and jobs at companies such as Mutual of Omaha andConagra," Carlson says.