Highly Attractive Norman Submarket

Norman, Oklahoma is a vibrant and growing city with a robust demand for multifamily housing. The area is home to the University of Oklahoma, which attracts a large student population, creating supplemental demand on top of the already strong demand from residents. Additionally, Norman has a strong job market, with various employers, including aerospace, education, and technology companies, providing a stable base of renters. The city’s population has been steadily growing, leading to an increasing demand for multifamily housing. This presents an opportunity for potential investors to benefit from the positive demographic trends and increasing demand for rental apartments.

Demand Drivers Include University, ‘A’-Rated School District, & Interstate Connectivity 

The property is conveniently located less than five minutes to I-35, making it accessible to demand drivers including shopping centers and restaurants, and is only twenty minutes from downtown OKC. The asset has direct access to Lyndsey St, which is a main thoroughfare within Norman and offers a five-minute drive to the University of Oklahoma. Also, the property is in the Norman High School District which currently has an ‘A’ rating on Niche.

Multiple Proven Avenues to Upside

The property presents a significant opportunity for both yield and value-add buyers. The current owner has successfully upgraded over 100 units, resulting in substantial rent increases. With the completion of already-proven, higher-end finishes in eleven units throughout the property, there is proven upside ranging from $75 to $300/unit depending on unit type. However, new ownership can simply update the remaining classic units and capture loss to lease, enjoying the day-one cash flow from a stabilized asset.