Wood Creek Apartments

Capstone is pleased to present the Wood Creek Apartments in Tulsa, OK. Wood Creek Apartments is a 160-unit workforce housing asset ideally located just off Interstate 244 and Hwy 169. Built in 1970 and renovated in 2005, Wood Creek offers investors the opportunity to acquire a fully stabilized asset with strong historical occupancy and consistent performance with value-add potential through adding washers and dryers in units as well as targeted interior renovations. Situated in one of the strongest Workforce Housing areas within the Tulsa Metro, Wood Creek has large units averaging 950 SF and a beneficial unit mix with 80% two- and three-bedroom units ideal for the current market demand. Its location puts it in the center of several of the largest workforce employers including Amazon, American Airlines, Tulsa International Airport, Port of Catoosa, HillCrest, St. Johns, St. Francis, and the QuikTrip National Headquarters. With historical occupancy in the mid-90s and current effective rents 10-15% below market comps, Wood Creek provides its residents with spacious, affordable living in a convenient location allowing them quick access to employment and entertainment hubs around the Tulsa Metro. With low incoming inventory and increasing demand for affordable units, Wood Creek is well-positioned for long-term success.

Investment Highlights:

• Large unit sizes ideal for current market demand.
• High volume of two- and three-bedroom units ideal for medium to large families needing space and affordability.
• Centrally located next to three metro interstate and highway systems allowing for direct access to multiple employment hubs and entertainment centers.
• With the recommended value-add program $100-$240 premium could be achievable with up to a 31% ROI.
• Ideal Workforce housing property in historically strong workforce area well situated for increasing demand for affordability and size to accommodate families and long-term tenancy.
• Over $900,000 in recent CAPEX with strong focus on building exteriors, roofs, and grounds.
• Visibility and possible signage direct onto to highway.