The Cushman & Wakefield | Commercial Oklahoma Multifamily Advisory Group is pleased to present the exclusive listing of the 160-unit Villas at Stonelake apartment community in Oklahoma City, Oklahoma. The asset is located in the Northwest Submarket of Oklahoma City and situated near NW Expressway and Hefner Parkway, in close proximity to desirable employers and prominent national/regional retailers.
- 110 units in rent-ready condition
- 50 units considered "down"
*Call Stephen Pestinger for specifics*
Fox Brook and Walnut Manor are 2 properties located adjacent to one another; currently owned by a private equity group looking to recycle its current capital stack.
Most of the units have original interior finishes and offer the new owner the opportunity to complete updates and achieve rent premiums. The current owner has refinished flooring throughout both properties (potentially a handful of exceptions) with vinyl plank flooring in the main livings areas.
Current rents are below the market comparables. Other rental premiums that are not currently being charged are: wash/dry, vaulted ceilings and upgraded flooring.
The portfolio is being offered free and clear; however, there is current HUD debt in place that can be assumed. This is an attractive opportunity to acquire newer multifamily product in a great location with achievable upside through modest upgrades.
The Cardinal Pointe Portfolio consists of 4 properties currently owned by an out- ofstate private equity group that purchased the properties approximately 10 years ago. Three of the four properties (Cardinal Pointe I, Cardinal Pointe II and University Apartments) are predominately occupied by Ball State undergrad students and are adjacent to campus. Wheeling Manor, the smallest of the four properties (24 units) is occupied by mainly non-student residents. All properties are leased by the unit, not by the bed, and have a history of high 95%+/- occupancy.
The majority of the units have original interior finishes and offer the new owner the opportunity to complete updates and achieve rent premiums .
The portfolio is being offering free and clear.
The San Antonio Legacy 7 Portfolio is an exceptional opportunity to acquire well located and meticulously maintained value add assets in the San Antonio market. These properties have been owned and operated as an "all bills paid" portfolio by the current owner for over 36 years. The operating philosophy has been to keep the properties in top condition and fully occupied with a well-qualified resident profile. Rental rates are well below the market and new ownership can potentially increase income dramatically with value-add improvements and operational efficiencies.
All properties are located in mature infill locations that are difficult, if not impossible, to replicate, within Loop 410. Six of the seven properties have north side locations. Each asset has a history of high occupancy and none have been "upgraded" other than regular replacements.
This portfolio of 760 units represents a tremendous opportunity for investors to acquire a well-positioned and operationally efficient portfolio with a clear value add strategy. It could take years to assemble a similar group of properties with equivalent locations through individual acquisitions. These assets are unencumbered by existing debt and can be purchased individually or as a portfolio.
AS EXCLUSIVE AGENT, CUSHMAN AND WAKEFIELD IS PLEASED TO OFFER A 100% FEE INTEREST IN ZEPHYR RIDGE FOR SALE.
Completed in 2018, this 24-unit luxury apartment community is fully leased and has proven to be well positioned to attract residents who are looking for the combination of larger floor plans, new construction and the amenities typically only found in for-sale product such as private garages.
Zephyr Ridge is in Cedar Grove, New Jersey and is situated in the heart of Essex County, placing it just minutes from mass transit and major commuting highways including Route 23, Route 46, Interstate 80 and the Garden State Parkway. Additionally, the New Jersey Transit train to Penn Station is located under 2 miles from the property, allowing residents a quick 40-minute commute into Manhattan.
Zephyr Ridge consists of two, three-story residential buildings containing a total of 24 two-bedroom, two-bathroom units. The apartments feature large floor plans with high-quality finishes including at a minimum nine-foot ceiling, stainless steel appliances, gas cooking, quartz counter tops, hardwood floors and individual washer/dryers. The community also offers premier amenities including an outdoor patio with grills, private garage parking, a resident lounge, storage units and a fitness center.
The Property draws from a surrounding dense and affluent resident pool, with a high population per square mile of 3,905 and an average household income over $155,000 within a 3-mile radius. The neighboring towns are known for their upper-class executive housing, which will continue to be a demand driver for Zephyr Ridge as Baby Boomers seek to move-down.