3175 N Portland Ave
Oklahoma City, OK 73112

The Portland Parke Apartment contains 207 units being sold at the direction of the court appointed receiver, as part of a foreclosure. The unit mix consists of 75 one-bedroom units and 132 two-bedroom units. The defaulted borrower had recently completed an extensive renovation on 40% of the units, completely upgrading the interiors with new cabinets, appliances, flooring (mixture of carpet and faux wood vinyl), new bathroom vanity and two tone paint. Buyers will benefit from significant upside in the fully renovated property and ability to be in at an all in cost well below the potential value. Current renovated units are said to be completely down to the wood frame, with electrical and plumbing being replaced. The defaulted borrower also replaced the flat, mansard roofs, with pitched gable roofing systems. It's important to point out that these improvements have not all been permitted properly, and buyer's will need to perform due diligence in determining what has been competed to code, what is permitted and what will need to be done to continue moving forward to achieve certificate of occupancy on the remaining units.