Aspen Place
2700 Indian Creek Boulevard
Oklahoma City, OK 73120-9145
Description
Newmark has been retained as Exclusive Listing Agent for the sale of Aspen Place in Oklahoma City, Oklahoma. Built in 1972,
the subject property is a 361-unit garden-style community featuring a large 954 SF average unit size and attractive amenities. Well-located in North Oklahoma City, Aspen Place’s residents enjoy quick access to national and boutique retail, top area employers, major healthcare providers, and the best of area nightlife and recreation. Aspen Place benefits from over $16 million in capital invested by current ownership. Community amenities, structures and physical plant have undergone comprehensive upgrades and repairs, including the replacement of water mains, sewer lines for all but eight buildings, 165 complete HVAC systems and new roofs for 20 buildings. 80 residences have been completely rebuilt, with extensive renovations to approximately 100 additional units.
Excellent Location and Multifamily Fundamentals
Aspen Place is situated less than one mile from the Memorial Road / Kilpatrick Turnpike corridor and traffic counts exceeding 61,000 cars daily, with frontage exposure to Northwest 122nd Street providing direct traffic exposure exceeding 19,000 cars per day. Tenants enjoy easy access to the wider opportunities of the Oklahoma City MSA via the Kilpatrick Turnpike and connections to Lake Hefner Parkway, US 75 and Interstates 44 and 35. Nearly 4,300 businesses are located within a three-mile radius of the subject property, with the employee demographic trending over 71% white-collar and over 38% employed in the Healthcare, Professional / Technical, Educational and Public Administration fields. The average shelter spend within the three-mile radius is $2,045 monthly (ESRI). Aspen Place’s North Oklahoma City submarket thrives with a diverse economic landscape, bolstered by major employers like Paycom, Farmer’s Insurance and Integris Health. These companies drive employment opportunities and growth in the region and attract renters with relatively higher incomes. Proximity to prime employment centers, in turn, attracts more retail concepts to the submarket (CoStar).
Opportunity for Substantial Revenue Increases Through Reposition
Aspen Place is well-positioned to take advantage of strong submarket fundamentals, increasing demand and no new projected supply through 4Q 2025. Strong multifamily statistics are further bolstered by a significant shortage of available single-family homes, low unemployment and cost of living, and Oklahoma City’s increasing popularity as a remote-work destination.
Subject property monthly effective rents average $170 lower per unit than submarket competitors of comparable vintage, however investors should take note that several market-comparable properties of similar vintage have been successfully repositioned as Class B+ and Class A assets, resulting in average monthly effective rent deltas approaching $250 per unit. Potential also exists to convert an existing storage area into an additional one-bedroom unit, increasing the potential for additional revenue. Aspen Place’s desirable location and good property condition
create a unique opportunity for new ownership to generate substantial revenue increases through a program of unit and community improvements.
Aspen Place
