Hefner Hollow Apartment Homes is a 119-unit Class C garden apartment community located in the heart of Oklahoma City's northeast quadrant. The property features exceptionally large units that include ceiling fans, wall-to-wall carpet with vinyl tile in kitchens and baths, washer/dryer connections in each residence, fireplaces, dishwashers, and garbage disposals. Property amenities include attractive grounds with substantial ladscaping, playgrounds, pool, and picnic tables and grills.
Located in one of America's Top 5 Job Markets (Forbes, January 2011) in an area characterized by middle income, single family residential neighborhoods, additional multifamily properties, and retail and office development. The property is near the Penn Square Mall, Oklahoma City's most prestigious shopping mall, and Lake Heffner which offers boating, fishing, jogging trails, and two golf courses.
The property was purchased from an undercapitalized owner and suffered significant deferred maintenance and down units. The property was purchased for cash and will immediately undergo a repositioning and upgrade program totaling approximately $15,000/unit. The property will then be stabilized, re-financed, and held in portfolio for cash flow and long term growth.