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The Oaks Apartments - Fully Subscribed

101 Arbor Run Drive
Lincolnton, NC 28092

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The Oaks Apartments Annual Property Operating Data
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Asset Class: Class B Conventional

Size: 111 units

Year Built: 2002


Acquisition Date: Estimated Closing 05/31/2018
Pro Forma Cap Rate: 6.13%

Proposed Capital Structure:
Debt: 75%
Equity: 25%

Market Overview:

Lincolnton, NC is a bedroom community located 37 miles northeast of Charlotte, and part of the Charlotte MSA.

Charlotte currently boasts a population of over 800,000 people. The Charlotte metro is expected to gain 18% population growth over the next 7 years. The largest portion of this gain will be due to in-migration.

Charlotte has a well-educated and highly trained labor pool that is attracted by a variety of industries and employers located in the metro. The metro’s employment base is growing and diversifying, drawing Fortune 500 companies. Though the finance sector is a large driver of the economy, manufacturing, healthcare and energy industries also play a vital role. The low cost of doing business attracts companies. Eight Fortune 500 companies have headquarters in the region: Bank of America, Lowe’s, Quintiles Transnational Holdings, Duke Energy, Family Dollar, Nucor, Sonic Automotive and Domtar. Highly ranked universities provide employment and produce a highly educated workforce, drawing top companies to the area.

Property Description:

The Oaks is comprised of 8 two story garden style buildings spread over 10 beautifully landscaped, wooded acres. Built in 2002, the Oaks stands as Lincolnton’s premier apartment community. Unit mix is comprised of 20-1BR/1BA, 79-2BR/2BA, and 12-3BR/2BA Units. Property has covered balconies and breezeways, and 230 parking spaces, including fully enclosed garages. Amenities include Clubhouse, Fitness Center, Onsite Laundry as well as en-suite laundry hookups, Basketball Court and Dog Park.

The Opportunity:

The Oaks will provide investors with monthly dividends starting within 45 days after closing. Our pro forma underwriting projects annualized cash on cash returns north of 7.5%. With strong population growth trends continuing over the next decade, we expect rent growth to continue, providing robust cash flow over our 5-year holding period.

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McKee Properties

Office Location
1001 B Avenue, Suite 203
Coronado, CA 92118

Mailing Address
P.O. Box 180980
Coronado, CA 92178-0980

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