Northmarq announces $13.7 million sale and acquisition financing of Grover Square Apartments in Omaha, NE

ST. LOUIS (May 13, 2024) — Northmarq’s Midwest Multifamily Investment Sales team of Parker Stewart, Anthony Martinez, Dominic Martinez and Alex Malzone with Jim Gibson recently completed the $13,700,000 sale of Grover Square, a 201-unit multifamily property in Omaha, Neb. Built in 1972, the apartment community is located at 6801 A Plaza near the intersection of Grover and 68th Plaza.

Northmarq represented the Omaha-based seller, Burlington Capital Group. The buyer was a Missouri-based private investor with over 1,500 units owned and managed across its Midwest portfolio. John Reed, managing director of Debt + Equity at Northmarq, arranged the financing for the acquisition.  

“Grover Square received significant interest from investors across the country due its desirable location within the I-80 corridor and the long-term ownership. The 200+ unit count and overall deal size was intriguing for several different buyer types ranging from high-net-worth individuals to larger investment funds targeting well maintained workforce housing with value-add and operational upside,” said Stewart.

“By collaborating with the Investment Sales team, we were able to secure Freddie Mac financing at very favorable terms for the buyer, helping to close the deal in this volatile market,” said Reed.

Grover Square is a garden-style community located adjacent to I-80 in southwest Omaha. Residents enjoy proximity to shopping, dining, entertainment and employment opportunities as well as the University of Nebraska - Omaha. Grover Square is a pet-friendly community with 24-hour emergency maintenance and on-site management. Amenities include a swimming pool, coffee bar, clubhouse, fitness center and garage parking.