Paul Yazbeck Lists 267 Unit Multi-Family Building in Oklahoma City

Paul Yazbeck
Jan 31, 2016
2 min read

Highlights

Can be acquired at >8% Cap on T-12
Solid Reputation With the Federal Aviation Administration (FAA) Academy Staff
Exceptionally Well-Maintained Assets on Shuttle Bus Route Run by FAA
Same Ownership Since 1980's
Value-Add Opportunity to Upgrade Select Units and Charge Premium Rates
Cost Effective Upgrades to Units Such as Linens and Towels

Description

This is a portfolio of 2 apartment buildings located in Oklahoma City, Oklahoma - Walnut Gardens (198 units) and Apple Tree (69 units). Constructed in the 1970’s, the assets and are comprised of 2-story buildings which have a combination of shingle/wood siding and masonry facades underneath flat roofs. The properties specialize in providing both short and long-term housing to both domestic and international students of the Federal Aviation Administration (FAA) Academy, and they operate similar to a hotel offering fully-furnished units on a per diem basis.

The properties are situated approximately 2-miles north of I-40 and 3-miles west of I-44 in what is considered the West 10th Submarket of the Oklahoma City MSA. Both properties are located on the FAA bus route which takes students to and from the FAA Academy several times a day. When they are not in class, students can take advantage of being within walking distance from city bus stops which provide service to downtown Oklahoma City where there are numerous entertainment options including: the Capitol Building, Chesapeake Energy Arena (Oklahoma City Thunder Basketball, Concerts), the National Memorial & Museum, Museum of Art, and a variety of restaurants. Students also have the ability to rent a car from the properties (for an additional fee) or use the property’s courtesy car to make their stay more comfortable. The central location of the properties affords students quick and convenient access to the places they need to go most – the Will Rogers World Airport/FAA Academy (+/- 5 miles), and major retailers including a Walmart Supercenter, Best Buy, Home Depot, Dick’s Sporting Goods, and Hobby Lobby (+/- 2 miles).