Huntington Place Apartments / 288 units
Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $17,200,000
Huntington is an C-class asset constructed in 1974 located in OKC, OK. It had little deferred maintenance, so it was our plan to implement a value add strategy to bring the property up to a B class asset.
What made you interested in investing in this type of deal?
This project is a typical value add plan with atypical strengths. We identified an open niche in the local market for a B class property and will took advantage of this property’s surprisingly good existing condition to add amenities, rehab interiors, to move this property to fulfill that void, thereby forcing appreciation and creating a strong return for investors.
How did you find this deal and how did you negotiate it?
Through broker relationships.
How did you finance this deal?
Short term, bridge debt that will be converted to agency debt after stabilization
How did you add value to the deal?
We implemented a value-add strategy to upgrade the interior units and exterior space, which allows us the opportunity to push rents to market potential.
