arbor glen apartments - company glen/arbor glen marketing pkg.pdf · arbor glen is a 96-unit...

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Providing professional apartment brokerage and marketing services for over 29 years Mike Buhl CRRC-OKC 405.360.5966 [email protected] Darla Knight CRRC-Tulsa 918.557.5966 [email protected] Arbor Glen Apartments 4638 NW 19th Street Oklahoma City, Oklahoma 73127 96-Units www.crrc.us Arkansas Oklahoma Kansas Near Integris Baptist Medical Center, Dea- coness Hospital, major retail destinations, popular restaurants and Will Rogers World Airport. Adjacent to Harlow Park with children’s play equipment and walking paths Immediately north of Hilldale Elementary School—Part of Putnam City School District New Roofs in 2013 Mature Landscaping throughout property

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Page 1: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

Providing professional apartment brokerage and marketing services for over 29 years

Mike Buhl

CRRC-OKC

405.360.5966 [email protected]

Darla Knight

CRRC-Tulsa

918.557.5966

[email protected]

Arbor Glen Apartments 4 6 3 8 N W 1 9 t h S t r e e t

O k l a h o m a C i t y, O k l a h o m a 7 3 1 2 7

96-Units  

www.crrc.us

Arkansas Oklahoma Kansas

  Near Integris Baptist Medical Center, Dea-

coness Hospital, major retail destinations, popular restaurants and Will Rogers World Airport.

Adjacent to Harlow Park with children’s play equipment and walking paths

Immediately north of Hilldale Elementary School—Part of Putnam City School District

New Roofs in 2013 Mature Landscaping throughout property

Page 2: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

www.crrc.us

Arbor Glen Apartments

Table of Contents

1.

Disclaimer Photographs Submarket Map Neighborhood Map Aerial Map Offering Description Property Highlights Unit Mix

2.

Purchase Price and Terms

3.

Income & Expense Statement

4.

Sale Comps

5.

Oklahoma City Overview

6.

CRRC Contacts Oklahoma Broker Relationship Act

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Page 4: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

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Arbor Glen Apartments

Disclaimer

This package has been prepared to provide summary information to prospective buyers and to establish an initial and preliminary level of interest in the property described herein. It is not intended to present all material information regarding the subject property, and is not a substitute for a complete and thorough due diligence investigation. Commercial Realty Resources has not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to the actual number of appliances being conveyed or any potential environmental problems that may exist and makes no warranty or representation whatsoev-er concerning these issues. The information contained in this package has been obtained from sources we believe to be reliable; however, Commercial Realty Resources and Seller have not conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any proformas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property. Commercial Realty Resources and Seller recommend that prospective buyers conduct an in-depth investi-gation of the physical and financial aspects of the property to determine if the property meets their needs and expectations. We also recommend that prospective buyers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent con-sequences of ownership. Commercial Realty Resources and Seller recommend that prospective buyers consult with qualified pro-fessionals regarding the presence of any molds, funguses, or other organisms that may adversely affect the property and the health of individuals. The material contained in this document is not to be copied and/or used for any purpose or made availa-ble without the express written consent of Commercial Realty Resources.

Page 5: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

 

Page 6: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

 

Page 7: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

 

Page 8: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

 

Page 9: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

 

Page 10: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

www.crrc.us

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

Submarket Map

Page 11: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

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Neighborhood Map

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

Page 12: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

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Aerial Photo

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

Page 13: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

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Offering Description

Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major medical, shopping, retail destinations, and popular restaurants. Arbor Glen is within the Putnam City School District. The property is convenient to all parts of Oklahoma City via Interstate 40 and has easy access to Downtown, Brick-town, and Tinker AFB.

Offering Highlights: New Roofs in 2013 New retaining walls Mature Landscaping throughout the property Buyer can Obtain New Financing at today’s historic low rates Within Minutes of World Class Medical Facilities Near the Outlet Shoppes at I-40 and Council Near the Reno Campus of Francis Tuttle Technology Center at 7301 W. Reno Oklahoma City is experiencing some of the highest profile developments in the coun-

try with the $350 million Devon Tower and the $50 million Outlet Shoppes at Oklahoma City at I-40 and Council Road. The Outlet Shoppes opened in August 2011 with 348,000 square foot of retail space and 1,000 new retail jobs, and is currently expand-ing with a second phase.

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

Outlet Shoppes

Francis Tuttle Technology Center

Page 14: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

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Outlet Shoppes

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

Page 15: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

Property Description: Arbor Glen is a two-story garden style apartment communi-ty located in northwest Oklahoma City. The property has an excellent location just north of I-40 at 19th and Meridian. This is a very popular area of Oklahoma City because of the draw to the Outlet Shoppes and other big box retail along the I-40 corridor.

Number of Units: 96

Number of Buildings: 24 two-story apartment buildings and 1 single-story leasing office building.

Year Built: 1970 (according to courthouse records)

Apartment Features: Fully equipped kitchens l Large closets l Each of the 1-beds has a vanity in the bedroom separate from the bathroom.

Property Amenities: Laundry Facility

Construction:

Style: Two-Story Garden Style

Exterior: Brick Veneer with wood trim and siding.

Roof: Pitched Roofs with gable accents and composition shingles over mansard. Roofs were replaced in 2013 as a result of hail damage with 40-year shingles. The South and West sides of the mansard roofs were replaced with new composition shin-gles in 2013. The North and East sides of the mansard roofs were repaired/replaced as needed in 2013.

Mechanical System: Electrical Metering: Individually Metered

HVAC: Individual HVAC

Hot Water: Individual Hot Water Heaters

Water: Provided by Property

Site/Land Area: 4.14 acres (according to courthouse records)

Density: 23.19 units per acre

Current Occupancy: Averages 93% to 95%

Real Estate Taxes: R147862100 2013 Tax Rate: 118.54 2013 Tax Amount: $16,172 2014 Assessed Value: 143,252

www.crrc.us

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

School Districts Putnam City School District

Page 16: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

UNIT MIX

DISTRIBUTION RATIO

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2 Bed / 1.5 Bath46%

2 Bed / 1.5 Bath Den4%

1 Bed / 1 Bath 50%

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

Square Footages have been averaged to equal County Records

No. Bdrm/Bth Sq.Ft. Total Sq.Ft. Rent Rent Rent/Sq.Ft. Gross/Mo. Gross/Yr.

48 1 Bed / 1 Bath + Extra Vanity 776 37,248 525.00 0.68 25,200 302,400

44 2 Bed / 1.5 Bath 1,000 44,000 600.00 0.60 26,400 316,800

4 2 Bed / 1.5 Bath Den 1,170 4,680 630.00 0.54 2,520 30,240

- - -

- - -

96 895 85,928 563.75 0.63 54,120 649,440

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Page 18: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

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PURCHASE PRICE & TERMS Purchase Price:

$2,544,000

Terms of Sale:

Cash Buyer to Obtain New Financing

Price Per Apartment Unit:

$26,500

Price Per Net Rentable Sq. Ft.

$29.61

Cap Rate: (based on Proforma)

8.46

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

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Page 20: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

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Proforma Income is based on 2013 actual. We used current rental rates with a 4% Loss-to-lease and 10.2% for Vacancy and Other Losses. Other Income is based on 2013 actual.

Expenses are calculated at 3,771 per unit per year. Real Estate taxes have been adjusted to the purchase price. Insurance is based on new quotes from owner Buyer to obtain New Financing

Income

Expenses

Mortgage and Debt Service

Operating Data Highlights

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

Page 21: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

Annual Property Operating DataProject: Arbor Glen Apartments Price: 2,544,000$ Run Date: 13-Jun-14Street: 4638 NW 19th Street Price Per Unit: 26,500$ Cap Rate: 8.46%City, State: Oklahoma City Price Per SF: 29.61$ Cash-On-Cash Return: 16.53%Number of Units: 96 Mortgage Balance: 2,035,200$

Equity Amount: 508,800$ 20%

No. Bdrm/Bth Sq.Ft. Total Sq.Ft. Rent Rent Rent/Sq.Ft. Gross/Mo. Gross/Yr.

48 1 Bed / 1 Bath + Extra Vanity 776 37,248 525.00 0.68 25,200 302,400

44 2 Bed / 1.5 Bath 1,000 44,000 600.00 0.60 26,400 316,800

4 2 Bed / 1.5 Bath Den 1,170 4,680 630.00 0.54 2,520 30,240

- - -

- - -

96 895 85,928 563.75 0.63 54,120 649,440

2013

2014 Jan-Apr

Annualized ProformaINCOME Per Unit

Market Rent - 649,440 Loss-to-Lease - 4.0% 25,860 Gross Potential Rent - - - 623,580 6,496 (Employee) - 2.2% 13,500 (Vacancy) - - - 8.0% 49,886 520 Effective Rental Income - 559,731 565,887 560,194 5,835 Other Income - 17,000 - 17,000 177 Utility Reimbursement - - - -

Gross Operating Income - 576,731 565,887 577,194 6,012 Potential First Mortgage

EXPENSES Current Bal. Jun-14 2,035,200$ R E Taxes - 17,236 - Adjusted 33,000 344 Original Bal. Jun-14 2,035,200$

Insurance - 52,469 - 38,400 400 Maturity - 10 Gas - - - - - Amortization 30 Electricity Vacant - - - - - Interest Rate 5.00% Electricity - - - - - Constant 6.442% Trash - - - - - Debt Service 131,105$ Water / Sewer - - - - - Comments:Total Utilities - 64,240 64,728 64,240 669 Pest Control - - - - - Legal / Prefessional - 7,869 3,468 1,500 16 Repairs & Maintenance - 28,382 12,498 28,800 300 Supplies & Materials - 103,712 66,660 19,200 200 Wages & Payrol Taxes - 171,493 171,117 96,000 1,000 Management Fee - - - 5% 28,860 301 Advertising - 12,457 12,807 13,000 135 Administration - 22,823 5,318 15,000 156

Replacement Reserves - - - 24,000 250 Total Operating Expenses - 480,681 336,596 362,000

Per Unit - 5,007 3,506 3,771 Per Sq Ft - 5.59 3.92 4.21

Net Operating Income - 96,050 229,291 215,194 2,242 Capital Expenditures - - - -

Debt Service - - - 131,105 1,366 Cash Flow - 96,050 229,291 84,089 876

Real Estate Tax Information: 2014 Assessed Value: 143,252 Rate/$1000: 118.54 Value:Tax Amount: 16,981$ Tax Dist: 0 Per Unit: 13,566$

1,302,290.91$ Account: R147862100

Square Footages have been averaged to equal County Records

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Sold Comparison

www.crrc.us

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

Property Address: 3451 SE 44th Street, Del City Size and Age: 157-units, Built in 1972 Price: $3,588,000 Price Per Unit: $22,853 Closing Date: 02/2014 Total Square Footage: 126,471 Ashwood

Property Address: 2512 N. Glenhaven, Midwest City Size and Age: 111-units, Built in 1970 Price: $2,800,000 Price Per Unit: $25,225 Closing Date: 06/2013 Total Square Footage: 84,668 Yorkshire

Property Address: 3746 N. Nicklas, Oklahoma City Size and Age: 41-units, Built in 1970 Price: $1,235,000 Price Per Unit: $30,121 Closing Date: 02/2014 Total Square Footage: 37,663 Monterey Square

Property Address: 3541 NW 50th Street, Oklahoma City Size and Age: 32-units, Built in 1964 Price: $870,000 Price Per Unit: $27,187 Closing Date: 02/2014 Total Square Footage: 25,750 El Greco

Page 24: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

Sold Comparison

www.crrc.us

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

Property Address: 1332 SW 74th, Oklahoma City Size and Age: 170-units, Built in 1968 Price: $5,243,000 Price Per Unit: $30,841 Closing Date: 12/2013 Total Square Footage: 119,321 Tudor Crossing

Property Address: 240 E. 15th Street, Edmond Size and Age: 59-units, Built in 1966 Price: $1,625,000 Price Per Unit: $27,542 Closing Date: 10/2013 Total Square Footage: 42,284 Stratford Square

Property Address: 2145 Melrose Ct, Norman Size and Age: 56-units, Built in 1972 Price: $1,535,000 Price Per Unit: $27,410 Closing Date: 09/2013 Total Square Footage: 34,533 Creekside

Page 25: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

Sold Comparison Summary

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Property

Price/Unit

Overall Price

No. Unit

Year Built

Price Per Square Foot

Ashwood $22,853 $3,588,000 157 1972 $28.37

Yorkshire $25,225 $2,800,000 111 1970 $33.07

Tudor Crossing $30,841 $5,243,000 170 1968 $43.94

Stratford Square $27,542 $1,625,000 59 1966 $38.43

Creekside $27,410 $1,535,000 56 1972 $44.45

Average $26,990 $16,896,000 626 $35.90

Arbor Glen $26,500 $2,544,000 96 1970 $29.61

El Greco $27,187 $870,000 32 1964 $33.79

Monterey Square $30,121 $1,235,000 41 1970 $32.79

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

 

$22,853 

$25,225 

$30,121 

$27,187 

$30,841 

$27,542 

$27,410 

$26,500 

 $‐

 $5,000

 $10,000

 $15,000

 $20,000

 $25,000

 $30,000

 $35,000

Ashwood Yorkshire Monterey El Greco TudorCrossing

Stratford Sq Creekside Arbor Glen

Price per Unit Average

Page 26: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

Sold Comparison Map

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Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

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Oklahoma City at a Glance

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Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

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Mike Buhl CRRC Oklahoma City 611 24th Avenue SW, Suite 100 Norman, OK 73069 405-360-5966 [email protected]

Darla Knight CRRC Tulsa 4137 S. Harvard, Suite E Tulsa, OK 74135 918-557-5966 [email protected]

 

Arbor Glen Arbor Glen Arbor Glen  4638 NW 19th Street Oklahoma City, OK  

Page 31: Arbor Glen Apartments - Company Glen/Arbor Glen Marketing Pkg.pdf · Arbor Glen is a 96-unit two-story garden style apartment community located in north-west Oklahoma City near major

OKLAHOMA REAL ESTATE COMMISSION

What You Need to Know About Broker Services

A real estate broker may work with one or both parties to a real estate transaction. The Oklahoma BrokerRelationships Law (Title 59, Oklahoma Statutes, §858-351 – 858-363) allows a real estate firm to provide brokerageservices to both parties to the transaction. This could occur when a firm has contracted with a seller to sell their propertyand a prospective buyer contacts that same firm to see the property. If the prospective buyer wants to make an offer onthe property, the firm must now provide a written notice to both the buyer and seller that the firm is now providingbrokerage services to both parties to the transaction.

Oklahoma real estate brokers have mandatory duties and responsibilities to all parties in a real estatetransaction. These duties and responsibilities shall be described and disclosed in writing prior to signing a contract tosell, purchase, lease, option or exchange real estate. These duties and responsibilities are to:

Treat all parties with honesty and exercise reasonable skill and care.

Receive all written offers and counteroffers, reduce offers or counteroffers to a written form upon request ofany party to a transaction and present timely all written offers and counteroffers (unless specifically waived inwriting by a party).

Timely account for all money and property received by the broker.

Disclose information pertaining to the property as required by the Residential Property Condition DisclosureAct.

Comply with all requirements of The Oklahoma Real Estate License Code and all applicable statutes andrules.

Keep confidential information received from a party or prospective party confidential unless written consent isgranted by the party, the disclosure is required by law, or the information is public or becomes public as theresults of actions from a source other than the broker. Confidential information includes:

o That a party is willing to pay more or accept less than what is being offeredo That a party or prospective party is willing to agree to financing terms different from those offeredo The motivating factors of the party or prospective party purchasing, selling, leasing, optioning or

exchanging the propertyo Any information specifically designated as confidential by the party unless such information is public.

A broker has additional duties and responsibilities only to a party for whom the broker is providing brokerageservices. These duties and responsibilities shall also be described and disclosed in writing prior to signing a contract tosell, purchase, lease, option and exchange real estate. These duties are to:

Inform the party in writing when an offers is made that the party will be expected to pay certain costs,brokerage services costs and approximate amount of the costs.

Keep the party informed regarding the transaction.

If a broker intends to provide fewer brokerage services than those required to complete a transaction, the brokershall provide written disclosure to the party for whom the broker is providing services. The disclosure shall includea description of those steps in the transaction that the broker will not provide and state that the broker assisting the otherparty in the transaction is not required to provide assistance with these steps in any manner.

Disclosure of these duties and responsibilities is required in writing. The duties and responsibilities disclosed by thebroker shall be confirmed in writing by each party in a separate provision, incorporated in or attached to the contract topurchase, option or exchange real estate.

Services provided to a tenant do not automatically create a broker relationship. When a broker provides brokerageservices to a landlord under a property management agreement, the services provided to the tenant by the broker shallnot be construed as creating a broker relationship between the broker and the tenant unless otherwise agreed to inwriting; however, the broker owes to the tenant the duties of honesty and exercising reasonable skill and care.

This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission.

OREC BROKER SERVICES INFORMATION (11-2013)

For more information, visit www.orec.ok.gov