As real estate investors sought to activate 10 acres of land at 192nd and Pacific Streets, they watched pricey single-family homes sprout in surrounding neighborhoods.
They saw the growth of a popular school district, robust retail development and more families wanting to live in the area.
Omaha-based Metonic Real Estate Solutions eventually became involved as developer and helped refine a project it thinks will target an unmet demand in the west Omaha area, said Metonic’s Eric Rodawig. Ravello 192, as it’s called, is planned as a sprawling 11-building town house development offering private entrances and garages for each of the 118 rental residences.
Leases can be long-term. Tenants, for an added price, could customize their own place.
Rents at the $22 million project would range from $995 for a one-bedroom unit (including garage) to $1,950 for three bedrooms and two garages, said Rodawig, treasury director of Metonic.
“At that northwest corner — it’s such a great place — having something a little more high-end and distinctive in the town home style made a lot of sense,” Rodawig said. “There are not a lot of (rental) products with that level of intimacy or privacy.”
Scott Koethe of the Omaha Lund Co., an expert in multifamily markets, said that type of low-density apartment with individual home entrances and garages hasn’t yet hit the Omaha market in the same way as in some bigger cities.
He believes the style would appeal to a growing demographic — and continued demand from young families seeking a spot in the Elkhorn school district area.
Dicon Corp. is general contractor for the project surfacing on the northwest corner of 192nd and Pacific Streets. Pre-leasing is to start in the fall.
Homes vary in size from one to three bedrooms and 690 square feet to 1,432 square feet.
Residents of the development — which is near Methodist Women’s Hospital and Elkhorn South High — would have individual covered porches and access to common areas such as a pool and fitness center.
Among Metonic’s other local projects is development of the Tuscany Apartments in Sarpy County. It recently acquired the 1501 Jackson apartments in downtown Omaha.
Other partners in the Ravello 192 project include Great Western Bank, Blackman & Associates and Seldin Co., which is to manage the property.
The name Ravello, though Italian-inspired, doesn’t necessarily tie with the campus decor, Rodawig said. Of the name, he said: “It felt nice, classy, in tune with the project.”