Central OKC, OK

This is a Stabilized 69-unit deal bought for $3,500,000 7/8/2021 or 50k per door. The average rent at purchase was $641. The central strategy will be improving upon current operations. They do not market the property online; everything is done on paper. We are proposing a $30 rent bump over two years. We will also implement a RUBS system, increase late fees, and charge for pets. The current office will be converted back into a rentable unit. We will have to run it with 1/2 a PM. This can be achieved because of our manager oversees a property nearby. We like that we bought this property from the original builder, who has taken good care of it. Also, tenants like living here because the average stay of tenants is closer to 4 years. Ultimately, the goal is to refinance in year 4 or 5, return most of the capital, supercharge returns, and hold longer-term from there.

The average return without considering a refinance is 9% to our investors on conservative projections.

Deep dive where I go through the deal and our model for our underwriting. This will give you in depth background of our analysis process.