The Greenhouse Apts DT are purchased..

Post by **Omaha Cowboy** » Wed Jan 25, 2006 4:47 pm

From today's W-H:

'America First Apartment Investors Inc., a multifamily real estate investment trust, announced Tuesday that it has signed an agreement to acquire the Greenhouse, a downtown Omaha apartment building, for $15.2 million cash.

Jack Cassidy, the trust's chief executive officer based in New York, said that the plan is to continue operating the Greenhouse as a luxury rental apartment community for at least the next few years

The Greenhouse, located at the eastern end of the Gene Leahy Mall, was constructed in 1907 as a warehouse. In the late 1980s, the nine-story brick building was converted into 126 one-, two- and three-bedroom units, with 12,000 square feet of commercial space on the ground level.'..

The complete story link:

http://www.omaha.com/index.php?u_pg=46&u_sid=2104769

..Ciao..LiO....Peace

nebport5 · Post by **nebport5** » Wed Jan 25, 2006 5:11 pm

Omaha Cowboy wrote: Jack Cassidy, the trust's chief executive officer based in New York, said that the plan is to continue operating the Greenhouse as a luxury rental apartment community for at least the next few years

I'd be very upset if anything happened to this building post the next few years.

Post by **Omaha Cowboy** » Wed Jan 25, 2006 5:13 pm

I got a bit uneasy when I read that paragraph as well nebport5..

Then I read the next paragraph down (in the W-H piece):

'The Greenhouse's location and quality offer the potential of conversion to condos down the road, he said, but REITs, as the trusts are known, typically are in the business of owning properties for long periods.'..

Hmmm..

..Ciao..LiO....Peace

nebport5 · Post by **nebport5** » Wed Jan 25, 2006 5:18 pm

yeah that last part sounds more like sitting on it and waiting for the property value to jump.

or hearing America First makes me think of the Pacific Life rumor and a potential site alternative to the old UPC.

Post by **Omaha Cowboy** » Wed Jan 25, 2006 5:32 pm

Yep..

Lets just say this apartment purchase could lead to some very interesting discussion here down the line..

..Ciao..LiO....Peace

Swift · Post by **Swift** » Wed Jan 25, 2006 6:03 pm

What, do you think they'd convert it to offices? Or *gasp!* tear it down?

Post by **Omaha Cowboy** » Wed Jan 25, 2006 6:12 pm

Swift wrote: Or *gasp!* tear it down?

Oh gawd I hope not

..And really I don't think so..I think AF will just sit on 'em for awhile..See how the market goes through say 2008..Then consider converting part or all of the apt units into condos..

Just the sense I get from the tone of the W-H piece..

..Ciao..LiO....Peace

Maverick · Post by **Maverick** » Wed Jan 25, 2006 6:29 pm

They're not doing anyting to it. I've lived there for 4 years, and I called in to ask first thing in the morning. America First already managed the property for the investement group that owned it. They just thought it would be better to own it. They're not converting it to condos or offices, and they're sure as heck not going to tear it down for a tower. They assured me that there will be no changes, with the exception of possible improvements to the building that AF was unable to do before, since they didn't own it. I trust my source, as I have been friends with her since they took over management of the building in '04.

Post by **Omaha Cowboy** » Wed Jan 25, 2006 6:33 pm

It is interesting the the W-H piece 'hints' of a potential conversion to condos down the line..

But thanks for the feedback Maverick..Lets hope your AF source was straight up with you

..

..Ciao..LiO....Peace

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