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BELLA VISTA APARTMENTS | 2

E X E C U T I V E S U M M A R Y

INVESTMENT SUMMARY

Property Bella Vista Apartments

Address 1314 NW Irwin AvenueLawton, OK 73507

Asking Price $2,150,000

Asking Price per Unit $38,393

Asking Price per SF $67.19

Number of Units 56 Units

In-Place Cap Rate 7.32%

In-Place Cash-on-Cash Return 11.2%

Year Built 1968

Net Rentable Area 32,000 SF

Average Unit Size 571 SF

Average Market Rent per Unit $482

Average Market Rent per SF $0.84

Current Occupancy 94.6%

* Market Rents and Occupancy as of January 25, 2021

**Buyer to verify In-Place returns through their own underwriting and due diligence.

UNIT MIX Type Description No. of

UnitsUnit Size Market Rent Rent

per SF

A1 1 Bed / 1 Bath 43 550 $450 $0.82

A2 1 Bed / 1 Bath Furnished 7 550 $595 $1.08

B2 2 Bed / 1 Bath 6 750 $575 $0.77

Totals/Averages 56 571 $482 $0.84

* As of January 25, 2021

Vanguard Real Estate Advisors (“Vanguard”) is pleased to present the exclusive listing of Bella Vista Apartments (“Property”) located in the southwest Oklahoma community of Lawton, approximately 85 miles southwest of Oklahoma City and 55 miles north of Wichita Falls, TX. The Property is strategically located within the city, approximately one mile southwest of the Interstate 44 and U.S. Highway 62 intersection, two of the region’s major thoroughfares. Built in 1968, the Property totals 56 well-appointed units which are comprised of an attractive mix of one- and two-bedroom floor plans. The Property has received approximately $500,000 in capital expenditures over the past few years which includes interior rehabs, exterior paint, upgraded lighting, and new sign package.

Bella Vista is currently 94.6 percent occupied and offers a new investor strong in-place cash flow with significant upside potential through interior and exterior value-add programs. Further upside may be achieved by adding community amenities such as a children’s playground, dog park, covered parking, and more. A new investor could potentially increase the number of furnished units (6 furnished units currently) which are achieving a $145 premium over non-furnished units. Additional opportunity exists to streamline certain expense line items such as administrative and payroll which are above market levels, as the out-of-state Ownership is self-managing the Property. Bella Vista offers an outstanding anticipated In-Place Cash-on-Cash Return of 11.2 percent and can be purchased at an attractive 7.32 percent In-Place Cap Rate.

The Lawton MSA has a current population over 126,000 and is anchored by the Fort Sill Army Base which is the largest employer in the MSA, with nearly 40,000 military personnel, and the fifth largest in the state, contributing approximately $2.3 billion to the local economy. Bella Vista is conveniently located approximately 3.5 miles south of Fort Sill, providing residents convenient access to the areas largest employer. Downtown Lawton is only 2.5 miles south of the Property and contains numerous national and local retail and dining options.

Financing: Bella Vista is being offered on an All-Cash basis, allowing a new investor unrestricted financing options in today’s historically low interest rate environment.

EXCLUSIVE OFFERING



INVESTMENT HIGHLIGHTS

Attractive In-Place Returns

• 94.6 percent occupied

• In-Place Cap Rate of 7.32 percent

• In-Place Cash-on-Cash Return of 11.2 percent based on projected new loan

• Rental collections continue to exhibit positive trends through out the pandemic

Strategic Location

• Conveniently located in Lawton, OK, approximately 84 miles southwest of Oklahoma City and 47 miles north of Wichita Falls

• Ideally located within the market, approximately one mile southwest of the intersection of I-44 and US Hwy 62

• Close proximity to the area’s major retailers, employers, and thoroughfares

Tremendous Upside Potential

• Potential to increase rents by continuing ownerships current interior and/or exterior value-add program; the Property has received approximately $500,000 in capital expenditures over the past few years

• Ability to streamline certain expenses such as administrative and payroll, as out-of-state Ownership is self-managing the Property

• Potential to increase number of furnished units; the current six furnished units are achieving a $145 premium over non-furnished units

Distinctive Apartment Community

• Built in 1968

• Two-story walk-up garden-style apartments

• Attractive mix of one- and two-bedroom units

• Community amenities include an on-site leasing office, two laundry facilities, picnic tables, and barbeque grill

All-Cash Opportunity

• Bella Vista is being offered on an All-Cash basis, allowing a new investor unrestricted financing options in today’s historically low interest rate environment.

CONFIDENTIAL OFFERING MEMORANDUM | CHAPEL RIDGE APARTMENTS | 4 | 4

P R O P E R T Y D E S C R I P T I O NEXTERIOR PHOTOS

4

CONFIDENTIAL OFFERING MEMORANDUM | CHAPEL RIDGE APARTMENTS | 5 | 55

P R O P E R T Y D E S C R I P T I O NINTERIOR PHOTOS

CLASSIC UNITCLASSIC UNIT

5



VANGUARD REAL ESTATE ADVISORS

15400 Knoll Trail Drive, Suite 380 Dallas, TX 75248

www.VanguardREA.com

JUSTIN TIDWELL Senior Director 214-556-1955 [email protected]

CHRIS LUSSIER Director 214-556-1954 [email protected]

CONTACT INFORMATION

JORDAN CORTEZ Managing Principal 214-556-1951 [email protected] Oklahoma License #: 171609

MASON JOHN Director 214-556-1953 [email protected]

OFFERING PROCEDURES

Bella Vista Apartments is being offered to principals only, subject to the limiting conditions described in

the Offering Memorandum and the Confidentiality Agreement. Prospective investors should recognize the

following:

Property Inquiries – All property information inquires should be addressed to Vanguard. Please contact

Jordan Cortez at 214-556-1951 ([email protected]).

Property Tours – Property tours are highly recommended and will be offered upon request. To arrange a

personal tour of the Property, please contact Jordan Cortez at 214-556-1951 (Jordan.Cortez@VanguardREA.

com).

Purchase Offer Instructions – Purchase offers should be submitted on a Letter of Intent basis and should

clearly reflect, at a minimum, the purchase price for the Property, earnest money deposit amounts, allocation

of closing costs, due diligence period, and closing period.

Financing – The Property is offered on an All-Cash basis.

Disclaimer – Owner reserves the right, at its sole discretion, to reject any and all offers to purchase the

Property and/or to terminate discussions with any prospective investors, at any time, with or without notice.

Owner shall not be bound until a mutually agreed contract is executed by and delivered to all parties.

B e l l a V i s t a A p a r t m e n t s

1314 NW Irwin Avenue | Lawton, OK 73507

WHAT YOU NEED TO KNOW ABOUT BROKERAGE SERVICESA real estate broker may work with one or both Parties to a real estate transaction. The Oklahoma Broker Relationships Law (Title 59, Oklahoma Statutes, 5858-858-363 allows a real estate firm to provide brokerage services to both Parties to the transaction. This could occur when a firm has contracted with a seller to sell their property and a prospective buyer contacts that same firm to see the property. If the prospective buyer wants to make an offer on the property, the firms must now provide a written notice to both the buyer and seller that the firm is now providing brokerage services to both Parties to the

transaction.

Oklahoma real estate brokers have mandatory duties and responsibilities to all Parties in a real estate transaction. These duties and responsibilities shall be described and disclosed in writing prior to signing

a contractor to sell, 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 of any party to a transaction and present timely all written offers and counteroffers (unless specially waived in writing 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 Disclosure Act.

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

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

• That a party is willing to pay more or accept less than what is being offered

• That a party or prospective party is willing to agree to financing terms different from those offered

• The motivating factors of the party or prospective party purchasing, selling, leasing, optioning or exchanging the property

• Any information specially 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 brokerage services. These duties and responsibilities shall also be described and disclosed in writing

prior to signing a contract to sell, 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 broker shall provide written disclosure to the party for when the broker is providing services. The disclosure shall include a description of those steps in the transaction that the broker will not provide and stat that the broker assisting the other party 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 the broker shall be confirmed in writing by each party in a separate provision, incorporated in or attached to the contract to purchase, option or exchange real estate.

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

JORDAN CORTEZ | Managing Principal 214-556-1951 | [email protected] Oklahoma License #: 171609

MASON JOHN | Director 214-556-1953 | [email protected]

JUSTIN TIDWELL | Senior Director 214-556-1955 | [email protected]

CHRIS LUSSIER | Director 214-556-1954 | [email protected]

bella vista apartments - loopnet...bella vista is currently 94.6 percent occupied and offers a new...

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