2024
YEAR IN REVIEW
As we close the chapter on 2024, a year that marked our 40th anniversary as a company, we take a moment to reflect on the milestones, achievements, and transformative moments that have shaped our journey. Join us in this comprehensive year-in-review as we celebrate our successes and look ahead to an even brighter future.
Real Estate
International Agribusiness
Venture Capital
Foundation
REAL ESTATE
Together with our partners,
Real Estate Related Projects include:
48TH AND DODGE
Construction on the 329-unit multifamily project located at 48th & Dodge Streets made significant progress in 2024. The two-level underground parking structure was completed along with completely framing and enclosing the west building. Construction of the east building and interior construction of both buildings will continue through 2025. Pre-leasing of this luxury property will begin mid-2025 with the first tenants moving in Fall 2025.
UNMC RESIDENCE HALL
Construction began on the six story, 235-unit residence hall project located on the campus of the University of Nebraska Medical Center (UNMC). This project features first floor lounge, dining and study areas accessible to all students, an adjacent parking structure and private resident lounges on the upper floors. The first students are anticipated to move in Fall 2026.
Airport Business Park
In early 2024, Governor Pillen in conjunction with the Department of Economic Development (DED) announced Burlington Capital, in partnership with the Omaha Economic Development Corporation (OEDC), were successful in their grant application to secure $90 million for the creation of an industrial business park near Eppley Airfield. The project team has continued working with Omaha Inland Port Authority to bring this project to fruition.
VICTORY PARK CAMPUS
In June 2024, St Monica’s Behavioral Health Services cut the ribbon on their newest facility located on the Victory Park campus in Lincoln. St Monica’s provides life-changing recovery and residential treatment for women and their families. Burlington Capital, as their landlord, assisted in the renovation of their new space. St Monica’s plans to further expand their services on the campus in the future.
REACH Project
The REACH (Research Engineering Architecture Collaboration Hub) facility will be a new 200,000 square foot development which will provide an opportunity for mission partners to lease space and collaborate with the NDRC (Nebraska Defense Research Corporation) with a focus on mission critical initiatives aimed at accelerating the transfer of command, control and communications capabilities to customer operations. Sitting on 15 acres of new development, this project will include a combination of a high-bay research area, SCIF, SAPF, demonstration and training spaces, tenant office floors among other critical programming.
Real Estate Portfolio
Burlington Capital’s successful sale of Sawgrass Apartments was a prime example of executing our value-add strategy. The off-market acquisition located in Charleston, SC with 144 units involved both interior and exterior renovations and enhanced property operations. In June 2024, Burlington Capital successfully sold Sawgrass Apartments exemplifying our strategy of investing in well-located properties, enhancing their value through strategic improvements and realizing a substantial return to our investors.
In total, Burlington Capital’s real estate portfolio distributed over $18 million to our investors in 2024.
Third-Party Property Management
2024 by the numbers
PROPERTIES ADDED
UNITS
STATES
The Miranda on Pipeline - The Miranda on Central
Joining the team early in 2024, the sister communities, The Miranda on Pipeline and The Miranda on Central, went through a rebrand. Initially named Avanti on Pipeline and Avanti on Central, these two properties were renamed, complete with a new logo and look for the property, including updated signage and exterior painting throughout. Apartment renovations also took place, creating a more modern, comfortable feel and look. The Miranda offers one-, two- and three-bedroom floorplans and is located in Bedford, Texas!
Waterfront Terrace
Waterfront Terrace offers several spacious floor plans of one-, two-, and three-bedroom apartments and townhomes. Also joining our team early in 2024, the community offers many features and benefits such as fully equipped kitchens, central HVAC, abundant storage, mini blinds on large windows, fitness center and much more. Waterfront Terrace Apartments are located in Indianapolis, Indiana near Indianapolis Motor Speedway.
Village at Grant Square
With 204 units, Village at Grant Square has one and two-bedroom floor plans featuring a private balcony or patio, fully equipped kitchens, abundant closet space, and modern interior finishes. Located in Omaha, Nebraska with easy access to both I-680 and Hwy 75, commuting is made easy.
Crown Pointe
Crown Pointe joined the Burlington Capital Properties team late in 2024. The property became our 24th community in Ohio under management. Crown Pointe is located in west Columbus, Ohio and offers brand-new finishes and appliance. With both 1- and 2-bedroom floorplans, the apartment community offers a pickleball court, picnic and grilling area, a playground, and a dog park!
Annual Burlington Capital Properties Conference
This year, we hosted our annual Burlington Capital Properties Leadership and Development Conference in Omaha, Nebraska. With a “Back to the Future” theme, the event featured engaging breakout sessions, inspiring guest speakers, collaborative team-building activities, an awards luncheon, and plenty of fun for everyone!
NAHMA Top 100 List
Our team was ranked in the NAHMA Affordable 100! This list comprises the largest affordable multifamily property management companies, ranked by affordable unit counts. NAHMA releases an annual directory of affordable housing units that include at least one of the following federal subsidies: HUD Project-Based Assistance (such as Project-Based Section 8, Section 202, and Section 811), Section 42 LIHTC, HOME and CDBG funds, USDA Sections 515 and 538, or Bonds.
INTERNATIONAL AGRIBUSINESS
Cantera Partners
As we close out an extraordinary year, we want to take a moment to reflect on the incredible progress Burlington Capital International has made in 2024. Thanks to the unwavering dedication of our team, the trust of our clients, and the partnerships we’ve cultivated, this year has been one of transformation, growth, and impact. In 2024, Cantera Partners surpassed $500 million monetized since its inception on behalf of its NGO clients. These funds go to support critical agricultural initiatives in developing countries throughout the world.
Nebraska Secretary of State Trade Mission to Kenya
The year kicked off with the Nebraska Secretary of State Trade Mission to Kenya, Africa. Ben Kalhorn attended the trip on behalf of Cantera Partners and was joined by local business leaders and educators from the Nebraska-Lincoln. The trade mission included meetings with the Kenyan government officials, the US Ambassador to Kenya, and local businesses looking to expand trade relationships with Nebraska exporters.
East Africa Trip
Towards the end of 2024, the team made a second trip to East Africa to meet with local importers operating in Uganda and the larger region. Cantera’s relationships throughout East Africa and its experience operating in the region have been solidified as our group is consistently hired to help expand and analyze trade activity.
Additionally, the Cantera Partners team expanded its footprint into new developing markets including El Salvador, Guatemala, Honduras, and the Dominican Republic where the team has begun analyzing the impacts of trade with the United States.
Our team grew both in size and expertise, welcoming new talent who bring fresh perspectives and skills to our mission. Professional development initiatives ensured that every member of the Cantera team continued to thrive and deliver exceptional work for its non-profit clients.
To our clients, partners, and team—thank you for making this an unforgettable year. Here’s to continued success and shared achievements in the year to come.
VENTURE CAPITAL
Proven Ventures, a Burlington Capital Fund
This year, Proven Ventures embraced the theme “Unlock Your Multiple” as we moved deeper into the deployment phase of the fund. Balancing scale and sustainability has been central to our strategy—two critical factors that influence exit multiples. While scale drives top-line growth, sustainability ensures long-term profitability, which is especially vital for founders seeking personal wealth through their companies’ success.
As always, revenue remains our North Star, but the ultimate goal is consistent profitability. Below are some key portfolio highlights that reflect our shared mission to unlock value and build enduring businesses.
Centese: This year, Centese achieved a major milestone with the commercial launch of its product, Thoraguard—a remarkable feat in the medtech industry. Despite the odds, Centese successfully navigated the complexities of scalable commercialization.
AudtiMiner: Kelly Mann laid the groundwork for scale in 2024, focusing on building a robust executive team. With the addition of highly talented professionals, AuditMiner is poised for its next phase of growth and operational excellence.
Retail Aware + Glimpse Analytics: Retail Aware merged with Glimpse Analytics to form a powerhouse in sensor-based, digital analytics for the physical world. This merger expands market reach while deepening customer integrations, offering an unmatched suite of solutions for retailers, brands, and transport operators.
Little Movements Apparel: Little Movements made waves with the launch of CORE, a patented line of athleticwear featuring the industry’s first sports bra with sewn-in padding. This launch is a testament to innovation and market acumen and will expand their market presence while driving higher margins.
Fermented Felon: Tony Honer took a major step forward with the addition of Alex Becker, an experienced operations leader in the food industry. With operations streamlined, Tony is set to expand into new markets, paving the way for significant growth.
FOUNDATION
This year, the Burlington Capital Foundation implemented a new software program, akoyaGO to provide a more efficient application process as well as maintain a database of contribution.
In 2024, the foundation contributed over $300,000 to over 30 organizations, including:
Restoring Dignity – Provides a wide array of supportive services to families who came to America with refugee status. Our staff speak 14 languages and 83% are former refugees. Team members Mary Blaney (Vice President of Finance) and Pam Finn (Senior Business Advisor) are heavily involved in this organization. https://www.rdomaha.org
Spring Creek Prairie Audubon Center – Focuses on conservation of the tallgrass prairie ecosystem and the birds that rely on it. https://springcreek.audubon.org
Nebraska Workforce Development – Forty-plus years of the “college-for-all” movement has resulted in an entire generation of students with debt and left the skilled-labor workforce in a constant shortage. According to Blueprint Nebraska, there are four times as many job postings as there are people looking for work in Nebraska and a huge percentage of the skilled-labor workforce is now reaching retirement age.
Today over 43 million people owe over $1.7 trillion in student loan debt. High schools have gutted their vocational training programs and many students who could have benefitted from a career in the trades were never exposed to those opportunities.
To address the workforce crisis in Nebraska, NCWDE is increasing the awareness of these high-income, high-benefit career paths. https://www.nebraskaworkforce.org/
Education Rights Counsel – Hundreds of children in Nebraska go without any supports to access educational services to which they have a right. No other non-profit in Nebraska is focused specifically on serving under-resourced public PK-12 school students. There is an extensive knowledge gap about public PK-12 educational rights and responsibilities across all communities, neighborhoods, and stakeholders. ERC generates systemic change by equalizing access to advocacy and legal representation for under-resourced families with a focus on special education support and student discipline. George Achola is a Board member. https://www.educationrightscounsel.org/
Youth Frontiers – Provides experiences that inspire character, civility and community for our next generation of leaders. https://www.youthfrontiers.org
Other Items of Note
National Women’s Entrepreneurship Day
Nebraska joined 30 other states in declaring November 19th Women’s Entrepreneurship Day!
Pamela Finn, Senior Business Consultant, played a key role in bringing Women’s Entrepreneurship Day to Nebraska. Pamela recently was appointed as an ambassador for women entrepreneurs by the Women’s Entrepreneurship Day Organization (WEDO).
Erica Wassinger and Gabrielle Keaton, members of Proven Ventures, a Burlington Capital Fund, were able to be in attendance along with Founders, Marissa Whalen & Kelly Mann.
Advisor to J. Skinner Baking
J. Skinner Baking, a premier manufacturer of artisan baked goods including Danishes, muffins, cinnamon rolls, brownies, and bars announced that it has been acquired by Stellex Capital Management, a private equity firm that invests in middle market companies in North America and Europe.
Headquartered in Omaha, Nebraska, J. Skinner provides ready-to-eat baked goods through grocery in-store bakeries (“ISB”), foodservice providers, and co-pack partnerships. Founded in 1983, the Company has grown into one of the largest ISB providers in the U.S., selling its products in over 30,000 retail locations across all 50 states.
Burlington Capital served as the lead advisor to J. Skinner, along with financial advisors DA Davidson and Riparian Partners.
Nebraska Ambassadors Forum
Ben Kalhorn, Executive Vice President of Cantera Partners, and Burlington Capital were once again proud sponsors of the yearly Nebraska Ambassadors Forum. The 2024 Nebraska Ambassador’s Forum took place at both the University of Nebraska-Omaha and the University of Nebraska-Lincoln. This year’s forum was titled “Southeast Asia- US Economics, Security, and Diplomacy.”
Speakers this year were:
Ambassador Ronald E. Neumann, The Honorable Molly K. WIlliamson, Ambassador Harry K. Thomas, Ambassador Piper Campbell
A Tradition of Trust
We want to extend our heartfelt gratitude to our dedicated team, valued partners, loyal clients, and supportive investors. Your hard work, trust, and collaboration have been the cornerstone of our success this year and throughout our 40 year journey. Together, we’ve achieved remarkable milestones and laid the foundation for an even brighter future. Thank you for being an integral part of our story and for making 2024 a truly exceptional year. Here’s to continued growth in year 41!
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