The Waller Group Properties is proud to present the 92.1% occupied, 356-unit portfolio in Oklahoma City, OK. The portfolio consists of 3 properties. 2 of the properties are within the same subdivision, 0.2 miles from each other (Sunnyview & Sunnyview West – 236 units). These 2 properties represent 2/3 of the portfolio’s units. The last property is 14.9 miles from the first 2 properties (Garden Apartments – 120 units). Additionally, there is a 10-acre parcel adjacent to Sunnyview that is zoned for 250 multifamily units.
Current ownership is achieving $1,426,070 in annual NOI. New ownership, based upon area rent comps, can raise rents by $168 / unit, which is a $0.20 / sqft bump. With this bump, new ownership can achieve an annual NOI of $2,105,484. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, application fees, parking fees, and pet fees. 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 portfolio currently has management in-place. Current management can be extended to new ownership.