Parc 1010
1010 East 66th Place
Tulsa, OK 74136-3700
Description
Newmark has been retained as Exclusive Listing Agent for the sale of Parc 1010 in Tulsa, Oklahoma. Built in 1991, Parc 1010 features 300 garden-style units with ideal proximity to major arterials, employers, and retailers. Benefitting from proactive management and upkeep, the subject property enjoys excellent curb-appeal and a history of above-submarket rent growth and high occupancy thanks to over $2 million in capital improvements made by current ownership since 2020.
IDEAL LOCATION
Parc 1010's frontage access to Riverside Drive provides excellent traffic exposure and direct transit into the Tulsa Central Business District. Ease of connection to Interstate 44, State Highway 75, and the Creek Turnpike allows quick access to the wider employment and leisure opportunities of the Tulsa MSA, with top area retail centers Tulsa Hills Shopping Center and Woodland Hills Mall a mere 2.3 miles and 5.8 miles away respectively. Major employers within a five-mile radius include the Unit Corporation headquarters (1,179 employees), River Spirit Casino (2,047 employees), and St. Francis Hospital (4,200 employees).
Tulsa's extensive RiverParks trail system lies directly across Riverside Drive to the west of Parc 1010, providing pedestrian and bicycle trail access to the east and west banks of the Arkansas River. The nearly 20-mile network connects numerous sports complexes, fitness stations, parks, and area attractions including the River West Festival Park, River Spirit Casino, Turkey Mountain Wilderness Area, and Tulsa's nationally-recognized Gathering Place park. Cyclists of any skill level can enjoy the 5.5-mile ride from Parc 1010 into Downtown Tulsa via the East Bank Trail. Slated to officially open Labor Day 2024, the City of Tulsa's 1,050-foot kayak flume boasts five signature features and will be located less than five miles to the north.
ATTRACTIVE VALUE-ADD INVESTMENT
Parc 1010 offers a singular opportunity to own a stabilized, well-maintained community in one of Tulsa’s strongest submarkets, with year-over-year average submarket effective rent growth of 4.4% exceeding both the same-month Tulsa MSA average (3.8%) and national average (0.8%). Additionally, Parc 1010 offers proven value-add potential with demonstrated monthly effective rent premiums on select premium upgraded units exceeding $170 per month ($0.30 PSF). The significant average monthly effective rent delta ($113 per unit) between the subject property and submarket comparables further supports a case for increased revenues through continued unit upgrades and raising lease rents to submarket averages. Good property condition, history of proactive management, excellent location, and opportunities for increased revenue make Parc 1010
an attractive asset for investors seeking to enter or expand their presence in the Tulsa multifamily marketplace.
Parc 1010
