The Riva at Chalco – Phase I

Omaha, NE • New Multifamily • $47.2M Total Project Cost • $11.8M Equity

The Riva at Chalco (Phase I) is a 191-unit, Class A multifamily community in a western Omaha suburb, a region experiencing strong economic growth and nation-leading rent increases. The 15.59-acre site offers quick access – a 3-minute drive to I-80, 10 minutes to the Southport retail district, and a 5-minute walk to Chalco Hills Recreation Area, a 250-acre lake within a 940-acre park known for hiking, biking, and fishing. Following Hubbell’s recent expansion into Omaha’s multifamily market, this first phase of a planned 299-unit, 21-acre development will feature apartments, townhomes, and a full suite of resident amenities.

10 Year Target Returns:*

IRR: 17-20% • Cash on Cash: 9-10% • Equity Multiple: +3.50x

Project Overview

Property

The Riva at Chalco

Address

SW Corner of Giles Road & S 156th Street

City, State

Omaha, NE

County

Sarot County

Product Type

Market-Rate

Construction Type

Wood Frame

Units

191

Residential NRA

220,038 SF

Average Unit Size

1,152 SF

Site Size

15.59 acres

No. Of Stories

Construction Start

Q3 – 2026

Completion

Q1 – 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

9-10%
Cash-on-Cash (7-Year Stabilized Avg.)

17-20%
IRR (10-Year Hold Period)

+3.50x
Equity Multiple with Sale Year 10

24 – 27%
IRR (5-Year Hold Period)

+2.00x

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 June of 2025, the Nebraska Examiner announced a new $200 million mixed-use development within the Gretna Landing subdivision, located less than 5 miles from the site. The development will include 170,000 SF of office space; 75,000 SF of retail space, housing, and entertainment; and a new 125,000 SF Nebraska Medicine health clinic. Once it’s built out, the Cimarron development is expected to add 500 jobs.