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Nebraska Investor Buys Lodgepole Creek Apartments

Lodgepole Creek Apartments, which sit in a north and east corner of Sidney within sight of Highway 30 and the hospital, was acquired about a month ago by a real estate investor with ties to Nebraska.

Gerard Keating, CEO of Keating Resources, closed on the property Dec. 19. Keating said in a press release that he purchased the 72-unit apartment complex for $1.9 million. Cabela's built the apartment complex in 2014 at a cost of more than $10 million, according to a press release. Keating said he decided to purchase the complex after a quiet visit to Sidney in the fall of 2018. He said that he made the decision upon confirming that Sidney has a strong K-12 public school system, great hospital, a growing skill based community college, community leadership promoting a diverse employment base and the location near the Front Range of Colorado which has a high cost of living.

In the press release, Keating said marketing of the apartments will focus on working professionals and include retirees seeking a safe, affordable new home.

Since purchasing the apartment complex, the company has announced a new philosophy, new amenities and new rates. One bedroom apartments start at $555 per month and three-bedroom units start at $777 per month.

"He has lowered the rates," said Property Manager Shari Albus.

Albus says the rates are market-based, not low-income or Section 8 Housing. To rent an apartment at Lodgepole Creek, an applicant must complete an application, with a $30 per adult fee, submit to a background and credit check, income verification with an income of at least three times the rent, verification of rental history and verification of renter's insurance (required at move-in).

Amenities include non-smoking units, pet-friendly, on-site professional management, and on-site picnic and grilling area. Units come with a stove, refrigerator and dishwasher, microwave, and garbage disposal. Washers and dryers are being added.

"He's putting in new washers and dryers," Albus said. "Before, we had washer and dryer hook-ups but the tenants had to provide the appliances."

Albus said Keating is looking into furnishing the third floor apartments as well.

Keating is originally from Atkinson, Neb., and his wife of Columbus, Neb. His office is now in Naples, Fla. The legacy of Keating Resources, according to the organization's website, is woven from six generations of Keatings. The company is owned by Keating and his wife Janet. He purchased his first real estate in 1986, while attending the University of Nebraska. Since then, he has been involved in more than $600 million in real estate deals.

 

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