One of our most recent projects is Torello on Maple, located just east of the intersection of 144th and Maple streets in Omaha, NE. Formerly known as Benz Place, this 324 apartment home community is ideally located and filled to the brim with potential.
Acquired by Metonic in 2019, Torello was in need of some immediate updates. First, APOGEE tackled the branding. This included name exploration as well as color palette and brand guideline development. With notable success and similar amenities at one of our other properties, Ravello 192, we chose to maintain a sense of consistency across the two. Torello, Italy, is a district of Ravello, located on the Amalfi coast. The town boasts spectacular views and a peaceful serenity – similar to our new property. Located just north of a golf course, residents at Torello have stunning views year-round and, while located just off of a major street in Omaha, are uphill enough to feel secluded. Using images of Torello and the Italian coast, we developed a color palette which then determined the design for signage throughout the property as well as our next step: the clubhouse renovations.
The clubhouse at the property is one of it’s main selling points. There is a sparkling pool with a large patio and deck, a full racquetball court, a spacious gym and ample space for resident events in the main community room (which includes a full kitchen as well). The space was beyond desirable, but also aesthetically outdated. Utilizing the new branding, APOGEE Director of Project Management, Kayla Beller, chose colors, finishes and furniture that turned the clubhouse into an absolute oasis.
The main community room was painted a light, neutral tone throughout to modernize the space. The largest wall was then painted a bright blue, the primary color in the Torello color palette. We worked with Hutch Modern to choose furnishings that would complement our brand and enhance the energy of the room, and updated the flooring to a unique herring-bone pattern.
The blue color was also used in the fitness room, which received a variety of brand-new equipment for resident use. Coordinating pool furniture was purchased, and underutilized space near the racquetball court was transitioned into resident office space. Finally, the clubhouse received beautiful new siding that corresponded with our color palette and added a much-needed pop of color.
In the months prior to Metonic’s acquisition, the property had sustained rather substantial fire damage in one of the buildings, making 12 apartments uninhabitable. These homes required an entirely different strategy and, therefore, timeline. Insurance claims were filed and these homes were gutted and completely turned around in less than 12 months.
Fortunately, the rest of the apartments themselves were in great shape, just in need of some modernization. Working in a phased approach throughout the property, APOGEE chose a neutral gray tone for the walls, along with new plush carpeting for living spaces. The kitchens and bathrooms were fitted with brand new LVT flooring, and the kitchen cabinets were painted in two tones – white for the upper cabinets and gray for the lowers. A market study declared that none of the properties in our competition set had used this method, and we knew it would become a true selling point for the apartments at Torello.
The tiered renovation approach yielded two potential ROIs, based on $4,600 to $6,400 unit renovation costs. These options gave residents an opportunity to choose their “level of luxury” while guaranteeing a return for investors in the process.
Torello has turned out to be an incredibly impactful project for both Metonic and APOGEE alike. Highly visible, the community is a great example of the value that both companies add to multifamily properties for residents and investors nationwide.