Pennington Place Apartments

3732 NW 23rd St  Oklahoma City, OK 73107

Min. Invest $50,000
Target Hold 18 mo
Annualized Returns 6%
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Project Summary

Investment interest in Pennington Place Apartments, a conventional multifamily apartment community that includes 40 units and 31,340 rentable square feet. The property is located at 3732 NW 23rd Street, Oklahoma City, OK 73107.

Investment Type: Term: Raise Amount:
Preferred Equity
18 Months $560,556

Why Invest?

  • 6%-8% Return
  • 12 Month Timeframe
  • Continued Legacy Return Option
  • OKC is one of the Top Ten Fastest-Growing Metro Areas in the Nation One of the Top Potential Amenity Structures in The Market
  • 15 Minutes from Downtown Oklahoma City.

Financial Summary

Pennington Place is expected to generate an annual Net Operating Income (NOI) in excess of $260,000 once all 40 units (5 buildings) are placed into service.  The stabilized property value is forecasted to be in excess of $3 million.  Once stabilization is achieved the plan is to refinance the property with a permanent loan and pay out the investors.

Financial Sources

Sponsor Equity $450,000
Preferred Equity $560,556
Loan $1,687,200

Financial Uses

Renovation Budget $1,274,900
Transaction Costs $265,508
Loan Payoff/Property Acquisition $1,130,637
Working Capital $26,710

Property Summary


Pennington Place is an apartment community on the West side of Oklahoma City. Comprised of 40 units sitting on a spacious 1.7 acres, the community is located on one of the metro's most popular thoroughfares, iconic NW23rd Street. Lined with retail, restaurants and easy access to the community’s large medical facilities this property is sure to be filled as units are completed. OKC’s progressive plan as a city is steadily growing to the complete revitalization of NW 23rd Street. NEIGHBORHOOD -The asset is located on an OKC thoroughfare inside the neighborhood of Pennington/Musgrave. Residents of the neighborhood have a vested interest in the revitalization of this property. The immediate community supports many retail, service sector and healthcare related jobs. There is a high renter demand in this neighborhood due to its ease of access to many parts of Oklahoma City PROPERTY STORY -The property has been vacant less than a year and is completely boarded up, thus the property will require rehab to bring it back to life. Exteriors have been painted, some new windows installed, new iron fence, landscape removal and clean up has been completed. Buildings are ready to start construction. Structurally, the buildings are solid, no signs of cracks or any structural integrity issues.

Address Property Type Units Buildings Avg. Unit Size
3732 NW 23rd St
Oklahoma City, OK 73107
Multi Family 40 5 800

OKC METRO

Oklahoma City is the largest city in the state of Oklahoma. The city’s robust economy, diverse industries, low tax rates and a low cost of doing business has contributed to Oklahoma City ranking as one of the top cities for business and helped the city attract many notable companies and headquarters to the region. From 2004 to 2014 The city added 49,358 new jobs, an impressive 8.8% growth rate, making Oklahoma City among the leading metro areas for business expansion, relocation and job growth during this period. The city’s non-farm job count is projected to increase 2.3% in 2015, significantly above projections for other major MSA’s in the US. In 2013 alone, the city created 6,560 jobs through 200 projects and received more than $500 Million in capital investment. Notable companies which expanded their presence locally include GE Global Research Center, Paycom, Terex and AT&T. OKC is tied at #11 for lowest unemployment rate at 3.7% among metro areas with a population above one million in the U.S., according to the Bureau of Labor Statistics. Oklahoma City has received national media recognition in recent years for its population/job growth, economic vitality, big-league-city assets such as the NBA Oklahoma City Thunder. With its low cost of living, thriving diverse economy and current reformation the city has become a top destination for business, residents and investors. The city has reinvigorated its downtown and truly transformed the city, sparking significant private investment and new momentum. GROWING ENERGY AND ALTERNATIVE-ENERGY INDUSTRY The region is home to two Fortune 500 companies in the energy industry and ranks among the nation’s top 10 in compressed natural gas and wind energy. DIVERSE EMPLOYMENT OPPORTUNITIES Oklahoma City’s economic base is diversifying beyond energy. Medical, government, healthcare and information technology are generating new jobs. POPULATION GROWTH Over the next five years, population and household growth will outpace the national rate, enhancing demand for goods and services such as healthcare and education.