The Rye at Harrison – Phase I
Omaha, NE • New Multifamily • $23.6M Total Project Cost • $5.9M Equity
The Rye at Harrison (Phase I) is a 99-unit, Class A multifamily project located in a western suburban submarket of Omaha, a region that has experienced robust rent growth and nation-leading economic growth in recent years. The 6.04-acre site is a 10-minute drive from both I-80 and a proposed 1,000-acre retail, sports, and entertainment expansion to the Nebraska Crossing shopping center. Hubbell brings to the market a proven multifamily product design with a healthy balance of apartments, townhomes, and a full suite of resident amenities. The project is the first phase of an overall 286-unit community.
10 Year Target Returns:*
IRR: 18.80% • Cash on Cash: 9.30% • Equity Multiple: 4.04x
Project Overview
Property
The Rye at Harrison
Address
NW Corner of S 213th St & Harrison Street
City, State
Omaha, NE
County
Douglas County
Product Type
Market-Rate, Multifamily
Construction Type
Wood Frame
Units
99
Residential NRA
102,594 SF
Average Unit Size
1,036 SF
Site Size
6.04 acres
No. Of Stories
3
Parking
230 total parking spaces
Construction Start
Q3 – 2025
Completion
Q4 – 2026
Developer
Hubbell Development Services, LLC
General Contractor
Hubbell Construction Services
Management
Indigo Living
Location Highlights
6.4 miles
North of Nebraska Crossing Outlet Mall
North of Nebraska Crossing Outlet Mall
7.9 miles
Northwest of Werner Park
Northwest of Werner Park
16.6 miles
West of Downtown Omaha
West of Downtown Omaha
Summary Of Returns
9.30%
Cash-on-Cash (7-Year Stabilized Avg.)
Cash-on-Cash (7-Year Stabilized Avg.)
18.80%
IRR (10-Year Hold Period)
IRR (10-Year Hold Period)
4.04x
Equity Multiple with Sale Year 10
Equity Multiple with Sale Year 10
26.22%
IRR (5-Year Hold Period)
IRR (5-Year Hold Period)
+2.45x
Equity Multiple with Sale Year 5
Quick Access
0.8 Miles
From Highway 6
From Highway 6
Community Amenities
Surrounding Area
Strong Multifamily Metrics
In March 2025, Costar Analytics reported that the Omaha metro leads the nation in year-over-year rent growth, with an average annual increase of 4.6% over the past three years — more than double the U.S. average of 2.1%. Costar projects that demand and supply-side factors will “likely keep rent growth historically strong across all quality segments and locations.”
Major Announcements
Nebraska Crossing, an outlet mall located 6.4 miles south of The Rye’s location, has proposed a 1,000-acre retail, sports, and entertainment expansion that is expected to create a regional destination and attract “as many as 20 million annual visitors,” according to the Nebraska Examiner. The reported expansion would generate an estimated 40,000 new jobs for the area.