Bluff Creek
5757 W Hefner Rd
Oklahoma City, OK 73162
Description
Newmark has been retained as Exclusive Listing Agent for the sale of Bluff Creek in Oklahoma City, Oklahoma. Featuring
desirable 1980s construction, the subject property is a short ten-minute walk from nearby Lake Hefner’s hiking and biking trails, parks, sailing, golf and scenic views.
Excellent Location and Multifamily Fundamentals
Bluff Creek enjoys southern frontage access to West Hefner Road and a western frontage on North MacArthur Boulevard, with traffic exposures exceeding 20,000 and 17,000 cars per day respectively. The nearby Northwest Expressway retail corridor offers exceptional retail, dining and nightlife. Tenants enjoy easy access to the wider opportunities of the Oklahoma City MSA via Northwest Expressway and connections to Interstates 44 and 35 as well as the Kilpatrick Turnpike. Over 3,200 businesses with 35,000+ workers are located within a three-mile radius of the subject property and the employee demographic trends 73.5% white-collar: Over 40% are employed in the Healthcare, Professional/Technical, Finance, Information Technology and Public Administration fields. Bluff Creek’s Northwest Oklahoma City submarket boasts a younger renter profile and above-MSA population growth. 2Q 2024 average vacancy rates were below the Oklahoma City MSA average with a year-over-year submarket asking rent growth of 2.3%. Average submarket rents are 36.6% higher per unit than ten years ago (CoStar).
Proven Value-add with Opportunities to Raise Rents
Offered well below replacement cost, Bluff Creek’s substantial upside potential is supported by monthly lease rent deltas with submarket comparables, which average $102 per unit. The Arden Walnut Creek, an asset of similar vintage located less than two miles to the northwest, posts average monthly lease rents exceeding Bluff Creek’s by $194 per unit. A structured infusion of capital for unit and community improvements is further justified by the community’s excellent property condition, attractive amenity mix and range of floor plan options, which prove extremely attractive to a broad cross-section of the renter demographic. Repositioning Bluff Creek to Class A will capitalize on solid submarket renter dynamics and secure increased cash flow and revenue growth.
Desirable submarket fundamentals and property location combined with a history of proactive upkeep make Bluff Creek an ideal asset for investors seeking to enter or increase scale in the Oklahoma City MSA.
Bluff Creek
