OMAHA, NEB. — A joint venture between Eastham Capital and Bender Cos. has acquired The Colonial, a 258-unit community in Omaha. Eastham obtained a majority ownership in the deal through its current fund, Eastham Capital Fund VI LP. Bender, which has co-invested and partnered with Eastham on the project, will oversee the day-to-day management. Parker Stewart and Alex Malzone of Northmarq brokered the deal.
The Colonial was built in 1967 and is currently 95 percent occupied. The average unit size is 902 square feet. Amenities include an outdoor pool, community room, laundry facilities and storage lockers. The acquisition includes a renovation budget of $1.9 million, which will include interior unit renovations and exterior upgrades such as roof replacements, balcony repairs and parking lot enhancements.