Summary

Deer Creek Apartments is a 104-unit class B apartment complex located in Oklahoma City, Oklahoma.  The property was originally designed as condos, but failed in the late-80’s and has always been operated as a rental property.  Constructed in 1986, the property consists of seven two-story residential buildings and a clubhouse.  Community features include a swimming pool, sauna, and limited access gates.  The property is located in the highly rated Putnam City North School District.

The long-term outlook for the Oklahoma City apartment market remains positive as the city is expected to outperform through the most intense part of the national downturn.  Oklahoma City’s labor market is among the nations strongest.  The property is located in Northwest Oklahoma City, the submarket at the forefront of revenue growth.

The investment profile consisting of a combination of income and capital appreciation and is centered around capitalizing on what was a mismanaged and neglected apartment complex.  The Operator will implement a capital improvement program designed to enhance the long term value and implement professional management in order to maximize rental rates.