Westminster Apartments

Capstone is pleased to present the Westminster Apartments. Westminster is located centrally in the heart of Tulsa, Oklahoma. Built in 1970, this 467-unit property offers investors an excellent opportunity to achieve strong economy of scale in a central location on a fully stabilized asset with value-add potential through bringing existing rents up to market and additional opportunity through interior upgrades. With exceptionally large units averaging 1,039 square feet and a unit mix that has 94% two- and three-bedroom units, the property is well positioned for today’s demand where residents can find spacious floor plans perfect for families, allowing for growth and long-term tenancy. With over $4 million in recent CAPEX improvements, new owners will have the benefit of improving performance with more aggressive leasing in a desirable area that boasts an average occupancy in the mid-90s. With neighboring properties recently renovated achieving average rents over $1,250 per month, Westminster is primed for additional performance improvements that will position this property for further long-term success.

Investment Highlights:

• Large Units averaging 1,039 SF.
• High unit count providing economy of scale.
• Excellent unit mix with 94% two- and three-bedroom units, highly desirable for current housing trends and demand.
• Central location placing tenants within minutes of top area employers, providing over 30,000 workforce jobs.
• City of Tulsa’s investment in infrastructure in the immediate area (roads, sewer lines, water drainage, etc.).
• Over $2.7M in recent exterior and building CAPEX reducing immediate and future requirements on non-revenue generating improvements.
• $1.5M in recent interior and exterior CAPEX that provides existing units in good condition with future improvement through market-proven interior upgrades.
• Strong submarket fundamentals with high historical occupancy and consistent rent growth and demand for affordability.
• Existing upside on Market Rents with effective rents 30% below market comps.
• Value-Add opportunity with the potential to achieve +26% ROI.