The Riva at Chalco – Phase I

Omaha, NE • New Multifamily • $47.2M Total Project Cost • $12.2M Equity

The Riva at Chalco (Phase I) is a 191-unit, Class A multifamily community located in a western suburban submarket of Omaha, a region that has experienced robust economic activity in recent years that has translated into nation-leading multifamily rent growth. The 15.59-acre site is a 3-minute drive to I-80; a 10-minute drive to the Southport retail and entertainment district; and a 5-minute walk to Chalco Hills Recreation Area, a 250-acre lake surrounded by a 940-acre park providing opportunities for hiking, biking, and fishing. After recent expansion into Omaha’s rapidly-growing multifamily market, Hubbell will increase its presence in the region with a combination of apartments, townhomes, and a full suite of resident amenities. This is the first phase of a planned 299-unit, 21-acre multifamily development.

10 Year Target Returns:*

IRR: 17.07% • Cash on Cash: 9.33% • Equity Multiple: 3.59x

Project Overview

Property

The Riva at Chalco

Address

SW Corner of Giles Road & S 156th Street

City, State

Omaha, NE

County

Sarpy County

Product Type

Market-Rate

Construction Type

Wood Frame

Units

191

Residential NRA

195,978 SF

Average Unit Size

1,026 SF

Site Size

15.59 acres

No. Of Stories

Construction Start

Q4 – 2026

Completion

Q2 – 2028

Developer

Hubbell Development Services, LLC

General Contractor

Hubbell Construction Services

Management

Indigo Living

Location Highlights

3 miles

West of Southport Retail District

12 miles

North of Nebraska Crossing Outlet Mall

17 miles
Southwest of Downtown Omaha

Summary Of Returns

9.33%

Cash-on-Cash (7-Year Stabilized Avg.)

17.07%

IRR (10-Year Hold Period)

3.59x

Equity Multiple with Sale Year 10

21.36%

IRR (5-Year Hold Period)

2.12x

Equity Multiple with Sale Year 5

Quick Access

1.8 Miles

Northwest of Interstate 80

Community Amenities

Community Clubhouse

Dog Park

Fitness Center

Package Room

Rentable Garages

Swimming Pool

Surrounding Area

Strong Multifamily Metrics

In March of 2025, CoStar Analytics reported, “After witnessing nation-leading annual rent growth of 3.4% in 2024, year-over-year gains have accelerated to 3.6% as of mid-March. Over the past three years, Omaha’s average annual rent growth of 4.6% is over twice the U.S. average of 2.1%, with demand and supply-side factors contributing to the recent outperformance.”

Economic Development

In May 2026, construction officially began on Gretna Crossing, a 500,000-square-foot, mixed-use shopping center located on 70 acres at Highway 370 and South 192nd Street. The development is less than five miles, or approximately a seven-minute drive, from The Riva at Chalco. Upon completion, the project is expected to create approximately 1,400 permanent jobs and generate an estimated $50 million in property and sales tax revenue for the City of Gretna over the next 10 years.