Penn Station
1920 Heritage Park Drive
Oklahoma City, OK 73120
Description
Newmark has been retained as Exclusive Listing Agent for Raindance and Penn Station Apartments (the “North OKC Value-Add Portfolio”). The North OKC Value-Add Portfolio is a 955-unit portfolio in North Oklahoma City along one of Oklahoma City’s premier retail corridors. The current owners have spent almost $6.4 Million on capital improvements across both properties including significant exterior and common area improvements in addition to interior unit upgrades.
The properties offer an excellent live-work-play environment with proximity to top-tier retail destinations including Chisholm
Creek, Classen Curve, Costco, and Trader Joe’s. Residents benefit from easy access to the Oklahoma City Central Business District (CBD) and major employers. Proven opportunity for higher revenue through unit renovations and improved operational efficiencies.
VALUE-ADD OPPORTUNITY WITH UPSIDE POTENTIAL
The North OKC Value-Add Portfolio presents a proven value-add opportunity with demonstrated upside potential, supported
by strong market fundamentals. Surrounding properties have achieved significant revenue growth through strategic unit renovations and targeted rent increases, indicating a strong market capacity for enhanced returns. See additional details on
page 8.
ACCESS TO MAJOR EMPLOYERS
Raindance and Penn Station enjoy easy access to major transportation corridors, including Highway 74, the John Kilpatrick Turnpike, and the Broadway Extension. The properties are ideally positioned for short commutes to many of the city’s leading employers, including INTEGRIS Baptist, Mercy Health, Paycom, Love’s Travel Stops, Expand Energy, and the Oklahoma City Central Business District.
HIGH-GROWTH LOCATION
The North Oklahoma City submarket is one of the highest-growth areas across the metro, with strong demand and a 5% rent growth year-over-year as of the second quarter of 2025, according to Yardi Matrix. In May 2025, Oklahoma City had the fourth-lowest unemployment rate in the U.S. among large metros at 2.8% (BLS).
CHISHOLM CREEK DISTRICT
Both properties are ideally located within one mile of the Chisholm Creek District, Oklahoma City’s premier 190-acre live-work-play development. Anchored by top-tier retailers such as Cabela’s, Topgolf, and iFly Indoor Skydiving, along with upscale hotels, modern office space, and expansive green areas, Chisholm Creek serves as a catalyst for economic growth,
driving both sustained investment and high visitor traffic to the area.
Penn Station
