Newmark Grubb is pleased to present The Regency for sale - a core, institutional grade multifamily community with an irreplaceable infill location in the heart of downtown Oklahoma City, one of the top performing metro areas in the U.S. The Regency is the only high-rise that offers interior parking. It is within walking distance of the NBA Thunder’s Chesapeake Arena, Bricktown Ballpark, Devon Energy, Sandridge Energy, Continental Resources, OU Health Sciences Center, St. Anthony Hospital, OKC Memorial, and the Civic Center. Location Description: The Regency is located in downtown Oklahoma City, which is in the midst of a $3 billion renaissance that is the result of one of the most unique public and private partnerships in the nation. The catalyst of this redevelopment stemmed from the MAPS program that resulted in the Chesapeake Energy arena, the Bricktown Ballpark, renovations to the Civic Center Music Hall and Cox Communications Convention Center. As a result of the MAPS project, private development has followed with $2 billion of new projects. Additionally, downtown has experienced the emergence of downtown housing in the form of high-end condos and apartments for lease, which enjoy high occupancies. Most of The Regency's tenants are drawn from OU Med School, OCU Law School, UCO School of Music, and St. Anthony's Hospital. There are currently around 52,400 employees that work in downtown Oklahoma City. Furthermore, there are only 1,332 apartment units in downtown with 700 more planned or under construction. Highlights: ■ Call for Offers Deadline August 20, 2014 ■ Property Offered Free and Clear of Debt ■ 13% Cash Return on T12 Income/Expenses ■ $1.4 Million in Renovations Since 2010 ■ Irreplaceable Infill Location ■ 8% Rent Growth from 2010 to 2012 ■ Tallest Residential High-Rise in OKC ■ Only High-Rise with Interior Parking ■ Few Blocks from NBA Thunder’s Arena ■ 95% Occupied - 6,669 SF of Ground Floor Retail ■ 5.8% Actual Cap Rate on T12 Income/Expenses ■ Projected Cap Rate of almost 6% in Year 1 ■ Value-Add in Proven Upgrades to Units ■ Upside in Parking/Storage & Utility Billback ■ Priced at 70% of New Downtown Construction ■ Priced at 60% of High Rise Replacement Cost « show less
Newmark Grubb is pleased to present The Regency for sale - a core, institutional grade multifamily community with an irreplaceable infill location... show more »
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