Pine Tree Apartments in Omaha is IDEAL Capital Group’s first affordable housing investment in Nebraska. Courtesy of IDEAL Capital Group.

Clovis-based IDEAL Capital Group has expanded into Nebraska with the acquisition of Pine Tree Apartments, a 198-unit affordable housing community in Omaha.

The acquisition is the firm’s sixth this year and marks its first investment in Nebraska. Financial terms were not disclosed.

Built in 1998 and renovated in 2016, Pine Tree Apartments offers one-, two- and three-bedroom units and operates under the federal Low-Income Housing Tax Credit program. The community is 96% occupied, and around 80% of residents receive housing vouchers, which provide a federally backed source of rental income.

“We are passionate about preserving quality housing in the workforce markets that communities depend on, and Pine Tree is exactly that kind of asset,” Managing Director Kevin Conway said in a statement. “We are also thrilled to establish our presence in Nebraska, a new state for IDEAL and one of the most economically stable markets in the country.”

The property is about eight miles west of downtown Omaha with access to Interstate 680 and Highway 6, placing it near Westroads Mall and major employment centers.

IDEAL said it plans to own and operate the property for the long term while focusing on preserving affordability and generating returns for investors.

Berkadia represented both the seller and IDEAL Capital Group in the transaction.

IDEAL Capital Group focuses exclusively on multifamily investments. The company said it and its affiliated firms have developed and acquired more than $4 billion in real estate totaling more than 15,000 apartment units over the past four decades.