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LA VISTA, NE-A private buyer based in Denver has purchased the 276-unit Shadow Ridge Apartments here for about $12 million. Quantum First Capital, through a correspondent relationship with Green Park Financial and Fannie Mae, closed a $9.6 million acquisition loan for the property, at 8500 Granville Parkway. The 80% loan is structured at a 10-year term with three years of interest-only payments.

Jason Rice with Quantum originated the financing. He says the unnamed seller held the apartments for eight years, and thought it was a good time to get out. “The buyer owns another property near hear, and they like the market a lot, and felt it has a lot of upside,” he tells GlobeSt.com. “Overall, that submarket has a 94% occupancy, and this property is performing at 88%, so there’s a little room to grow.”

He says the new owners are hands-on, with plans to upgrade the 36-year-old property with new kitchen cabinets and appliances, new bathtubs, vanities and ceramic tile surrounds and new color schemes. “They’re putting more than $500,000 in improvements into the property,” Rice says.

Other amenities at the 15-acre property, which is close to Interstate 80 and local retail, include garages, a swimming pool, a fitness center and clubhouse, ball courts and entertainment area with barbecue grills. Units average 970 sf, and the rents are from $499 to $699 per month.

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