Waller Group is proud to present the 92.7% occupied, 96-unit stabilized portfolio in Tulsa, OK. The portfolio consists of 2 properties: Cedar Crest Apartments (402 S Dogwood St, Owasso), and Knollwood Apartments (1018 S 107th E Ave, Tulsa). The 2 properties are within 10 minutes of each other, and due to this proximity, and varied leasing/rental options, they circulate potential residents to each other with a referral program. The portfolio is available because current ownership is retiring.
Current ownership is achieving $436,988 in annual NOI. New ownership, based upon area rent comps, can raise rents by $63 / unit, which is a $0.08 / sqft bump. With this bump, new ownership can achieve an annual NOI of $558,728. Additionally, there is the opportunity to implement additional income fees through refining the existing ratio utility billing system (bill back for water), and parking fees. There is additional upside by upgrading units and bringing units at Knollwood Apartments back on line to rent. Another cost saving opportunity would be through water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills.
The land between Knollwood and Hwy 169 was made available to purchase from the state from the surplus land department at the start of 2020 for approximately $20k for 1.06 acres. The portfolio is currently self-managed. Trinity Property Management quoted this portfolio at a 4% management fee.*