Property tours will be available on the following dates: Tuesday, August 29th, from 10am-1pm, and Thursday, September 7th, from 10am-1pm. Please contact the listing broker with any questions.
Heatherstone Apartments is a 252-unit multifamily community with excellent value-add potential. The community is located in the East Tulsa Submarket just off the Mingo Valley Expressway (US 169) within walking distance of both retail and restaurants in Union School District which ranks as one of the best in the State of Oklahoma. Heatherstone can be acquired at a substantial discount to replacement costs and is available free and clear, allowing investors to take advantage of today’s attractive financing options.
Investment Highlights
- Heatherstone Apartments have an excellent unit mix consisting of roughly 50% one-bedroom and 50% two-bedroom apartment homes.
- Developed in two phases in 1970 and 1973 (separated by 33rd Street), Heatherstone features expansive courtyards with mature landscaping, a centrally located leasing office and clubhouse, on-site laundry facilities, a sparkling swimming pool, fitness center and playground area in a low-density setting.
- Utilities are master-metered at Heatherstone, however each unit does have individual HVAC systems – electric on the north phase and gas on the south phase. Hot water for all units is provided by central boiler systems in multiple buildings spread across the property. The property is currently leased all-bills paid.
- Heatherstone is currently occupied at 87% creating immediate value-add potential through improved management and occupancy. Additional value-add potential exists with the implementation of a utility reimbursement program as well as an interior unit upgrade program as original finish levels still exist throughout the community.
- The property is located in the Union School District which is one of the State’s best, with shopping, conveniences, and recreation just minutes away. The convenient location is easily accessible from the Mingo Valley expressway (US 169), Interstate-44 and the Broken Arrow Expressway (HWY 51) providing easy access to all parts of the Tulsa Metro including Downtown Tulsa with some of the shortest commutes in the country.
- Strong employment base is within minutes of Heatherstone. This property will be auctioned on Monday, September 11 - Wednesday, September 13 . The price displayed is the starting bid amount of $1,900,000. For information and to register to bid on this property, please visit Ten-X.com.
