- Renovated Asset with Strong Historical Financials
- Proven Upside of ~$90/Unit Through Moderate Rental Increases
- Location Provides Ease of Access to I-44, Retail, Restaurants, and Community Parks
- Overall “A” Rated Zip Code According to Niche
- Agency Financing Mission Rich Eligible, Offered Free and Clear of Existing Debt
Renovated Asset with Strong Historical Financials
Fifty One Flats has undergone significant interior cosmetic renovations to provide a high-quality living experience for its residents. Designer paint colors, brushed nickel fixtures, walk-in closets, energy-efficient appliances, and wide plank Beachwood vinyl flooring provide modern and attractive living spaces that appeal to discerning tenants. This property represents an outstanding investment opportunity with a strong foundation of improvements that will benefit future ownership.
The property’s current business plan has demonstrated success in capturing rent upside and delivering outsized returns. New ownership can leverage the existing momentum and continue to push revenues and identify operational efficiencies.
Proven Upside of ~$90/Unit Through Moderate Rental Increases
The property presents a significant opportunity for both yield and value-add buyers. Current ownership has surpassed target rents on nearly 50% of all leases. After stabilizing in early 2023, ownership has conservatively pushed rents during the lease up and the next owner will be able to capture loss to lease on first generation leases and $60/unit+ on rents ownership has already achieved over 30 times.
Location Provides Ease of Access to I-44, Retail, Restaurants, and Community Parks
Fifty One Flats is surrounded by schools, retail, and parks. The property is conveniently located minutes from I-44, making it accessible to demand drivers. The property is less than fifteen minutes from everything downtown Tulsa has to offer. The 270-acre La Fortune Park is roughly one mile away, featuring eleven ponds, an 18-hole championship golf course with lighted driving range, and the only lighted 18-hole par 3 in Oklahoma, as well as the nationally recognized Case Tennis Center with 21 lighted outdoor courts, three air-conditioned indoor courts, and a full-service pro shop with locker rooms.