Apple Creek

Description

Newmark is pleased to present an outstanding opportunity to acquire Apple Creek in Stillwater, Oklahoma.

Located less than two miles northeast of Oklahoma State University and downtown Stillwater, the subject property enjoys ideal access to the main OSU campus, primary and secondary schools, top area employers, and the best-of-area retail and nightlife. Student and employee residents live within short walking distance of community mass transit, affording car-free
commutes to campus, healthcare, and employment. Built in 1985 (phase one) and 2002 (phase two), Apple Creek residences feature fully equipped kitchens, large open living and dining areas, faux wood flooring throughout, and are pre-wired for broadband. Select units feature vaulted ceilings, stainless appliances, washer/dryer connections, fireplaces, shaker cabinetry and granite or quartz countertops with under-mount sinks. Apple Creek’s residents enjoy two sparkling pools, a community clubhouse, two 24-hour laundry centers, a lighted sports court, onsite management and courtesy patrol.

Proactively managed by market experts, Apple Creek benefits from over $3 million in upgrades completed since 2022, including all of phase one’s 192 units. Substantial interior improvements included cabinets, countertops, plumbing and electrical fixtures, appliances, faux plank flooring and paint. Net results were almost immediate, with upgraded units averaging $200+ monthly lease premiums over previous in-place rents of $555 by the end of 2023. Now, phase one units
are leasing at an average of $832 per month, further solidifying Apple Creek’s continued rent growth. Additional community improvements completed by current ownership include a complete clubhouse and laundry center renovation, installation of a lighted sports court, parking resurfacing and exterior paint and trim.

Superb Property and Market Fundamentals
– 6.5% YTD rent growth and an excellent 12-month history of high occupancy
– Value-add opportunity with market-proven upside: average monthly lease rent delta with market comparables exceeds $130 per unit
– Advantageous location on North Perkins Road provides easy access to Oklahoma State University, major employers, shopping and recreation
– 3.3% average year-end rent growth and 93.5% average year-end occupancy forecasted for privately-owned Stillwater multifamily assets (RealPage)
– No new on- or off-campus housing currently under development

Less Than Two Miles from Oklahoma State University
– Power Four institution with record-breaking fall 2024 enrollment and the largest freshman class in university history: an 8% year-over-year increase
– Onsite campus-area mass transit stop provides resident transportation to campus at 30-minute intervals
– OSU is Stillwater’s top employer with 6,100+ employees, 2024 budget of $1.69 billion, and 2024 endowments exceeding $1 billion
– Apple Creek is within walking distance to grocery, national retail, dining and entertainment
– Frontage exposure to North Perkins Avenue and 22,800 cars per day

Apple Creek