Metonic Real Estate Solutions bought the multifamily property at 2506 S. 72nd Court in Omaha, Nebraska, with plans to bring it back to life.
Formerly known as Place 72 and built in 1973, the propertym occupied a great central location in Omaha with daily traffic count of over 27,000 but was hard to spot since it was overrun with trees and had little to no signage. Metonic cleaned up the exterior and brightened it with colorful signage of its new name: Vita 72.
Metonic also upgraded the interiors of each of the 60 units. The improvements attracted a new group of residents to the area while also increasing value and curb appeal for neighboring tenants and businesses.
Their efforts earned the project a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the Project: Metonic started work on the substantive value-add program including both interior and exterior improvements in January 2022 and was mostly completed by the end of the year. The firm is well familiar with the Omaha area as it owns 395 apartments within a 1.5-mile radius of Vita 72.
What the Judges Said: "This development is in a great location, right across from Aksarben Village. It had the potential for high visibility, but it was overgrown. After some major updates on both the interior and exterior, this property is a stand-out. The improvements attracted a new pool of residents," said Misty Belsha with Cushman & Wakefield/The Lund Co.
They Made It Happen: Bob Dean, Kassie Inness and Travis Mahrt with Metonic Real Estate Solutions. Kayla Beller and Nick Jacka with Apogee Professional Services were in charge of project management.