real estate investing san diego


Investment Information

Address: 860 Riverview Drive, South Sioux City, NE 68776
Asset Class: Multifamily, Section 42
Size: 84 units
Year Built: 1995
Acquisition Date: December, 2013
Acquisition Cap Rate: 9.75%

Financial Performance:
Original Capital Investment: $741,000
IRR: 37%
Equity Multiple: 7.34X

Riverfront consists of 3 three-story multifamily apartment buildings located in
South Sioux City, Nebraska, just across the Missouri River from Iowa. The community contains one, two, and three-bedroom apartments and caters to low income households earning no more than 60% of Dakota County’s AMI (area median income). Community amenities include onsite laundry facilities in each building, laundry hook-ups, garages for rent, and a playground.

MPC Strategy:
McKee Private Capital acquired Riverfront in December of 2013 as part of a 1031 tax deferred exchange. After increasing NOI by more than 30%, MPC refinanced the existing debt allowing investors a 100% return of capital. Recognizing the volatility in capital markets, MPC made the decision to divest Riverfront in the Spring of 2022 realizing a significant gain on sale.