In San Diego, call: (619) 435-7780
Nationwide: (800) 931-8816

NEW OFFERINGS

EASTBROOK APARTMENTS

506 Timber Ridge Drive
Cushing, OK 74023

Accredited Investors - Invest Now
Become an Accredited Investor
Learn More About This property

Asset Class: Project-Based Section 8

Size: 30 units

Year Built: 1980


Acquisition Date: TBD
Pro Forma Cap Rate: 8.5%

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

Market Overview:

Cushing, OK is located 70 miles northeast of Oklahoma City and just 20 miles east of Stillwater, which is home to the main campus of Oklahoma State University. Apartment vacancy rates in this submarket are sub 5% as a result of low apartment housing inventory and limited supply in the pipeline. Additionally, Cushing is one of the largest oil storage locations in the country.

Property Description:

Eastbrook Apartments is comprised of 9 single story multifamily apartment buildings. The community features a well balanced mix of one-bedroom, two-bedroom, and three-bedroom apartments totaling 22,000 rentable square feet. A portion of tenant rent payments are government subsidized as specified in the Housing Assistance Payments (HAP) Contract.

The Opportunity:

Eastbrook will provide investors with the opportunity to acquire a stabilized asset in a supply constrained market. While the property is subject to affordable restrictions through 2032, existing contract rents are substantially above market. And given the nature of the HAP contract, Eastbrook has zero exposure to market rent reductions for the term of the contract providing investors with a truly risk adjusted yield. This investment should generate solid, double-digit returns to investors each month.

RECEIVE OUR NEWSLETTER

Copyright © McKee Private Capital. All Rights Reserved.
Property Management Website powered by PMW | Site Map

McKee Properties

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

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

Contact Us
By Telephone: (619) 435-7780
By Fax: (619) 435-2661