Latest multifamily acquisition in Oklahoma City, OK

[Vinay Kolluru]

I wanted to share the details of our latest multifamily acquisition...

We, along with our partners, acquired a 288 unit / 30 building Class C apartment complex in the Oklahoma City market. Our property is in Midwest City, OK, which is less than 10 miles from downtown OKC. This market has a diversified economy and a population that is growing at 2x the national average. This, along with our conservative underwriting, will allow us to successfully execute our business plan of repositioning the asset from a C-class to a B-class in nearly all market conditions.

The complex was built in 1974 and has very little deferred maintenance. The sellers maintained the property well and took care of any exterior issues. Because the property is in good structural condition, we are going to focus our efforts on interior renovations and improving amenities.

We plan to improve the interiors with new appliance packages, countertops, flooring and refinished bathrooms. Additionally, we plan on taking the existing tennis court and converting it into a pickleball court and a multi-use space for recreation. We also plan on building an outdoor kitchen and dog park. The city is investing heavily in the area as well, including the building of a large park that will be directly connected to our property.

Now that the acquisition is complete, the real work can now begin! We are super excited to provide a beautiful, safe and affordable community to the Midwest City market.

Helping solve the affordable housing crisis continues to be a very fulfilling endeavor.

[Cassi Justiz]

Congratulations on the deal! I love Midwest City. That's where the majority of my rentals are. 

I think the pickleball court is a great idea! (That is my husband's new favorite sport. Lol.) It's becoming super popular around here. There's a pickleball bar/restaurant in NW OKC and their courts are consistently booked out several weeks in advance.  

I do agree that B class is probably the higher end of what you can push in that market. There are a few A class apartments in the general area that cater to the military crowd at Tinker, but it would be really hard to compete with the cool new construction apartments. I think shooting to become a solid B class apartment is a great place to position yourself.