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rnst Capital Group, a Sioux Falls-based real estate investment firm, is expanding into the Omaha market with its first major multifamily development, Cherry Creek Village. Located on 60 acres near Potter Street and Highway 133, the project marks Ernst Capital's entry into the Omaha market.

    "We've been interested in entering the Omaha market for some time," said Chris Daugaard, a partner at Ernst Capital. "This site offers direct access to I-680 and easy connectivity to the rest of the metro area, making it an attractive location for people seeking a quick commute."

    Ernst Capital partnered with Sioux Falls-based Signature Cos. on the apartment development, which will be managed by Lloyd Cos. The two companies have a long history together, giving them confidence in entering a new market.

    Cherry Creek Village features 203 garden-style apartments across five buildings, offering studio through three-bedroom floor plans. A clubhouse offers an outdoor pool, community gathering spaces, and amenities like a golf simulator, fitness center, coffee bar, and gaming area.

    The project is currently about 80% complete, with the first two buildings and clubhouse nearing completion. The plan is to turn over the first units in July, with future phases including additional garden-style apartments and townhomes.

    Ernst Capital anticipates potential for rent upside after lease-up, citing conservative rent projections from lending partners. The firm plans to be a long-term player in Omaha, with ambitions to develop more than 1,000 units in the market over the next five to 10 years.

    "We look at it as an expansion market similar to Des Moines, where we've had success," said Daugaard. "Omaha offers similar growth opportunities and makes sense for our business."