Marcus & Millichap is pleased to present the London Square Apartments located at 2217 East 59th Street in the Heller Park neighborhood of Tulsa, Oklahoma. Heller Park is known for its artscentered parks and features a large population of young professionals. Heller Park is situated on the south edge of Midtown and north end of South Tulsa between Lewis and Riverside Drive approximately five miles south of downtown Tulsa.
Tulsa, with a population of approximately 403,505, is the second largest city in the state of Oklahoma and in the top 50 most populous cities in the United States. Forbes, Partners for Livable Communities and Relocate America have referred to Tulsa as one of America’s most livable cities, and its motto, “A New Kind of Energy,” reflects its strong presence in the energy sector, besides its robust business base in the sectors of finance, aviation, telecommunications and technology. The city of Tulsa is served by 11 highways, and the subject property offers convenient access to Interstate 44 (approximately 1.8 miles), U.S. Route 75 (approximately four miles), and Interstate 244 (approximately five miles). Tulsa is also served by 97 buses on 19 different routes and Tulsa International Airport (more than three million travelers annually). Tulsa operates an educational network of three primary public school districts serving more than 9,000 students, over 19 private Pre-K-12 schools, and is home to over 15 institutions of higher education, including the University of Tulsa and three campuses of Oklahoma State University. The city also houses the largest library system in the metropolitan area, the Tulsa City-County Library which encompasses 25 facilities.
The city is considered the cultural and arts center of Oklahoma, with two world-renowned art museums, several dance, theatre, and concert groups performing out of several large performing arts complexes, an 84-acre zoo, and a number of annual cultural events and festivals. Tulsa also offers professional and collegiate sport teams, one of the nation’s largest concentration of art deco architecture, and 135 parks spread over 6,000 acres. Historically, Tulsa has been led by the energy industry, with many international oil and gas companies headquartered in the city (including Williams Companies and ONE Gas). The local economy is also bolstered by primarily small and medium-sized businesses. The Tulsa MSA accounts for about one third of Oklahoma’s total GDP.
London Square is located approximately one mile from Oral Roberts University and is close to shopping, ity ransit and parks. This quiet, high-occupancy, gatedapartment community has seen approximately $2 million of capital improvements over the last six years. The complex includes controlled access, on-site courtesy officer and on-site video surveillance for added security. The property contains 173 total units consisting of six studio units, 43 one-bedroom/one-bathroom units, 88 two-bedroom/one-bathroom units, eight two-bedroom/one and one-half bathroom units, seven two-bedroom/two-bathroom units and 21 three-bedroom/two-bathroom units. Residents enjoy plenty of on-site surface parking, courtyards and playgrounds for the kids as well as on-site laundry facilities. London Square is also in close proximity to renowned PGA Golf Course Southern Hills Country Club (host of 15 ajor hampionships since 1946), St. Francis Hospital (nationally recognized, full-service hospital system) and Woodland Hills Mall (a one plus million square foot, super-regional shopping center anchored by Macy’s, Dillard’s, JC Pennys and Sears; with 165 stores, 80 of which are their only Tulsa location).
Here an investor has the unique opportunity to acquire a cash-flowing, high-occupancy apartment complex in a quiet, gated neighborhood, submersed in highly-active commerce. An investor could achieve above average cash-on-cash returns, while focusing on continuing to push rents over the next 12-18 months, to further increase returns.
