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September 14, 2023

Columbia Pacific revamps Omaha units

Over in Omaha, Nebraska, Columbia Pacific Advisors did a previously unreported March deal to acquire a troubled 408-unit apartment complex from the early 1970s. It's now been rebranded as Highpoint, and renovations are underway. Under prior ownership, local media amply covered the poor living conditions — including black mold — and code violations that led to the city condemning the 24-acre property in December. The vacant property then went into foreclosure, and Columbia Pacific acquired it for an undisclosed price. In a recent press release, Columbia Pacific cited “past mismanagement and sub-par housing conditions.” Its Billy Meyer says, “We knew restoring this complex would be a challenge. However, with support from the Mayor's office, city officials and our business partners, we are delighted to have turned Highpoint Apartments into one of Omaha's most attractive and desirable residential locations.” Local firm the Lund Company is now overseeing the phased renovations and pre-leasing the apartments. Omaha Mayor Jean Stothert said in a statement, “It's always preferable to rehabilitate properties rather than abandon or demolish them. Highpoint is an example of saving a previously unsafe property and providing new housing options for renters.”




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