Villas at StoneLake
7404 Lyrewood Lane
Oklahoma City, OK 73132-5504
Description
Newmark is pleased to present an outstanding opportunity to acquire Villas @ StoneLake in Oklahoma City, Oklahoma. Built in 1978, the subject property is a 160-unit garden-style property featuring a large 994 SF average unit size and exceptional location in Northwest Oklahoma City near retail, top area employers, principal arterials, higher education, and major healthcare providers.
Community features include a swimming pool (currently out of service), frontage on a private pond, 24-hour emergency maintenance, 24-hour security patrol and an EMBARK bus stop on-premises. Villas @ StoneLake’s spacious floor plans feature full kitchens with dishwashers, full-size washer/dryer connections and ample closet space; with select units offering faux-wood flooring, fireplaces, linen cabinets and stand-up showers.
EXCELLENT LOCATION WITH STRONG MULTIFAMILY FUNDAMENTALS
Villas @ StoneLake is located near the Northwest Expressway retail corridor and traffic counts exceeding 53,000 cars daily. Tenants enjoy easy access to the wider opportunities of the Oklahoma City MSA via Northwest Expressway and connections to Interstates 44 and 35 and the Kilpatrick Turnpike. Nearly 3,100 businesses are located within a three-mile radius of the subject property with the employee demographic trending 64.1% white-collar and 34% employed in the Healthcare, Professional / Technical, Educational, Finance and Insurance fields (ESRI). Submarket fundamentals are extremely favorable, with CoStar noting it as one of the MSA's most renter-heavy: Retail concepts are drawn to the area by relatively higher average submarket incomes.
DISTRESSED OPPORTUNITY WITH MARKET- PROVEN UPSIDE
The subject property’s spacious floor plans and desirable location within 20 minutes of all major Oklahoma City employers (less than 15 minutes from the Central Business District) create attractive options for a broad cross-section of the renter demographic, Offered well below replacement cost, Villas @ Countryside presents unique market-proven opportunities for revenue growth through a structured infusion of capital to update unit and community amenities. Enormous economic potential may be unlocked through upgrades to the community’s 42 offline units, providing substantial projected increases to NOI and overall property market value. Renovations are clearly supported by the subject community’s $209 average monthly lease rent delta with submarket-comparable assets and the overall strength of the Northwest Oklahoma City submarket.
The Villas at Stonelake
