Capitol on 28th - Upside Avenue

Capitol on 28th

Apartment purchase and improvement in Oklahoma City, OK


Summary

  • Number of Units 223
  • Rating B
  • Structure Equity
  • Projected Holding Period 3-4 years
  • Projected Annual Dividend 8.5%
  • Projected Annual Total Return 16.8%

Investment Thesis

Built in 1967, Capitol on 28th underwent an extensive $8,000,000 ($36,000/unit) renovation in 2014 which included complete replacement of electrical and plumbing systems. All units were completely gutted and new fixtures, appliances, cabinets, countertops, flooring, and doors were installed. Capitol on 28th is only two blocks away from the Oklahoma State Capitol Complex which includes numerous state department headquarters and judicial centers. It is less than two miles from the Medical District and the OU Health and Sciences Center and less than three miles from downtown and the Bricktown Entertainment District. Although the property has received significant upgrades, there remain opportunities to drive value and drive appreciation. The leasing office has significant unused space that can be converted into an additional eight studio apartment units. Washer and dryer connections will also be added to 50 select units and common area amenities will be enhanced.

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