What Urban Waters does

Urban Waters is a privately held, vertically integrated multifamily real estate owner-operator based in Omaha, Nebraska, founded in 2008 by principal Jerry Reimer and partner Scott Semrad. The company builds, owns, and manages its own portfolio of six luxury apartment communities across the Omaha metropolitan area (Elkhorn, Papillion, Ralston, and Millard/Gretna), comprising over 900 apartment homes with unit types spanning traditional apartments, villas, townhomes, carriage houses, and duplexes. The portfolio targets both the missing-middle housing segment and traditional multifamily renters, with lakefront and urban-located properties (1010 on the Lake, The Bungalows on the Lake, The Bungalows on 204, The Hinge Flats, The Beckham, and The Winston at Five Fountains), and features amenities including stainless steel appliances, solid-surface countertops, in-unit washer/dryer, and — at select communities — smart building entry via mobile app and Japanese-style intelligent bidet toilets. Operational technology is centered on the AppFolio Property Manager platform for leasing, tenant communications, rent collection, and maintenance ticketing, paired with iOS/Android resident apps and a web-based portal. A 50-acre master-planned community (The Bungalows on the Lake at Prairie Queen, ENERGY STAR certified and NAHB 2020 Best In Living winner) is in its third construction phase, with an additional $18 million project underway on 15th and Marcy in Omaha.

Urban Waters generates revenue almost exclusively through recurring monthly residential rental income on owned units, priced from approximately $1,095 to $3,195 per month depending on unit type, supplemented by $65 application fees and $500–$1,000 security deposits. The company employs a direct-to-consumer go-to-market model: prospective tenants discover inventory through the urbanwaters.com website, filter availability, take self-guided tours, and apply through the AppFolio platform; existing tenants self-serve rent payment and maintenance requests through the same portal. The company markets through its own website, organic social channels (Facebook, Instagram, Twitter), and property listing aggregators, and operates a Happiness Guarantee committing most maintenance work orders to resolution within 24 hours. Sister company Urban Village, sharing the same principals, manages an additional 500 apartment homes in midtown Omaha, bringing the combined platform to roughly 1,200 residents.

Name

Urban Waters

Legal name

Urban Waters

Website

https://urbanwaters.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Urban Waters is a privately held, vertically integrated multifamily real estate owner-operator in Omaha, Nebraska, building and managing over 900 luxury apartment homes across six communities, with an additional $18M development in progress and a 50-acre master-planned community under phased construction.

Ownership category

akta.pro rank

Product category

Multifamily Residential Real Estate

NAICS

Lessors of Residential Buildings and Dwellings (531110), Lessors of Residential Buildings and Dwellings (53111)

SIC

Operators Of Apartment Buildings (6513)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Residential rental housing
• Multifamily apartments
• Property management
• Missing middle housing
• Luxury apartment leasing

Headquarters

HQ city

Omaha

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Residential Rental Income: Monthly rental payments from tenants occupying apartment homes across the Nebraska portfolio. Revenue is recurring in nature, driven by long-term residential leases with typical 12-month terms. Additional income from application fees and security deposits.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Urban Waters builds, owns, and manages luxury multifamily rental housing communities across the Omaha, Nebraska metro area, leasing more than 900 apartment homes to individual residential tenants under recurring monthly leases. The portfolio includes apartments, townhomes, carriage houses, duplexes, and villas across six named communities, all outfitted with premium finishes and supported by an online tenant portal for rent payment and maintenance requests.

Product overview

Urban Waters is a vertically integrated multifamily real estate company operating a portfolio of six distinct luxury apartment communities in the Omaha, NE metropolitan area. The portfolio includes: 1010 on the Lake (luxury lakefront living on Youngman Lake), The Bungalows On The Lake (flagship missing middle community on Prairie Queen Lake, ENERGY STAR certified and NAHB award-winning), The Bungalows on 204 (diverse housing options including apartments, carriage houses, duplexes, and townhomes in Elkhorn), The Hinge Flats (urban living in Ralston), The Beckham (villas with private entrances in Elkhorn), and The Winston at Five Fountains (smart building with EV-ready garages in Elkhorn). All properties feature luxury amenities including stainless steel appliances, solid surface countertops, in-unit washer/dryer, and smoke-free environments. The company manages over 900 apartment homes total across its portfolio and sister company Urban Village, offering residents a digital tenant portal for rent payments, maintenance requests, and communication. The portfolio targets the missing middle housing market and traditional multifamily housing with a focus on luxury finishes, lake front locations, and pet-friendly communities.

Differentiator

Problem solved

Functional benefit

Brands

• Urban Village: Sister company managed by the same principals, managing 500 apartment homes in midtown Omaha.

Products and services

• 1010 on the Lake Luxury lakefront apartments in Elkhorn, NE offering 1-3 bedroom units with stainless steel appliances, granite countertops, bamboo wood floors, in-unit washer/dryer, and access to lake activities such as kayaks, paddle boards, and fishing. Targeted at residential renters seeking lakefront living.
• The Bungalows On The Lake Flagship missing middle rental community in Papillion, NE on Prairie Queen Lake featuring ENERGY STAR certified luxury apartments with private entrances (no common hallways), 1-4 bedroom units, lake views, dog park, and walking trails. Targeted at residential renters seeking single-level private-entry living.
• The Bungalows on 204 Luxury apartment community in Elkhorn, NE offering 1-3 bedroom apartments, carriage houses with attached garages, duplexes, 4-plex units, and townhomes with solid surface countertops, stainless steel appliances, and proximity to ACX Backlot Theater. Targeted at residential renters seeking diverse housing formats.
• The Hinge Flats Luxury urban living community in Ralston, NE offering 1-2.5 bedroom units with stainless steel appliances, solid surface countertops, in-unit washer/dryer, and proximity to Ralston Arena and local dining. Targeted at residential renters seeking urban-style living.
• The Beckham Luxury villa community in Elkhorn, NE featuring villas with private entrances and attached garages, bamboo wood floors, stainless steel appliances, exposed brick accents, and proximity to Village Pointe Shopping Center. Targeted at residential renters seeking villa-style living with attached garages.
• The Winston at Five Fountains Luxury apartment community in Elkhorn, NE featuring 1-2 bedroom units with quartz waterfall countertops, LG stainless steel appliances, EV-ready garages, smart building entry via mobile app, fitness center, and views of five fountains. Targeted at residential renters seeking modern, tech-enabled amenities.

Quantifiable outcome

• Most maintenance work orders resolved within 24 hours

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Urban VillageminorStrategic or Co-development PartnerSister company co-founded by principal Jerry Reimer and Scott Semrad in 2008. Urban Village manages 500 apartment homes in midtown Omaha, bringing combined total of over 1,200 residents served across both companies. The two companies share principals but operate as separate entities.

Scale indicators8 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Asset Living: One of the largest third-party multifamily property managers in the U.S., operating ~300,000+ units. Comparable service-oriented approach and tenant-portal operating model to Urban Waters, but operating at scale as a fee manager rather than vertically integrated owner.
• Milhaus: Privately held multifamily developer, owner, and manager focused on urban and urban-adjacent luxury communities in the Midwest and select growth markets. Closely comparable to Urban Waters in scale, Midwest footprint, missing-middle/urban luxury product type, and vertically integrated model.
• Hawthorne Residential Partners: Privately held multifamily investment and management firm operating ~40,000 units across the Southeast and Mid-Atlantic. Comparable to Urban Waters as a private, vertically involved multifamily operator with a service-quality focus.
• RangeWater Real Estate: Privately held multifamily developer and operator focused on Sun Belt and Midwest markets, with a build-to-rent and traditional multifamily portfolio. Comparable in being a privately held, vertically integrated owner-operator of luxury garden-style and missing-middle product.
• Bozzuto Group: Privately held multifamily developer, owner, and manager known for high-amenity luxury apartment communities on the East Coast. Closely comparable to Urban Waters in the build-own-manage luxury multifamily model and service-quality differentiation.
• BH Management Services: Top-10 U.S. multifamily management company managing ~165,000+ units across owned and third-party portfolios. Comparable to Urban Waters in residential property management focus, though much larger and more diversified.
• Edward Rose & Sons: Privately held, family-owned multifamily developer, owner, and manager operating ~75,000 units, primarily in the Midwest. Closely comparable to Urban Waters in the private, vertically integrated Midwest multifamily model and similar unit-type mix.

Broad incumbents

• Greystar Real Estate Partners: Largest multifamily property manager and operator in the U.S., managing ~$320B of assets across owned, third-party, and JV portfolios. Comparable to Urban Waters as a vertically involved multifamily operator, but at vastly greater scale and geographic breadth.
• MAA (Mid-America Apartment Communities): Large-cap multifamily REIT with ~100,000 units concentrated in the Sun Belt. Comparable as a luxury garden-style multifamily owner-operator, but at public-REIT scale and outside Urban Waters' Midwest geography.
• Lincoln Property Company: Large national multifamily manager and developer with ~$40B AUM, combining third-party management with owned/developed assets. Comparable operating model to Urban Waters but with diversified geographic exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/urbanwaters
• Instagraminstagram.com/urbanwaters
• Xtwitter.com/urbanwaters
• LinkedInlinkedin.com/company/urban-waters

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Urban Waters