PROPERTY SUMMARY
The George is an apartment community on the West side of Oklahoma City. Comprised of 160 units sitting on a spacious 9.6 acres, the community offers a great mix of well-designed flats and townhomes all with large balconies or patios and walk-in closets. A few years ago, many of the roofs were repaired and the previous owner started rehab on many units, leaving them with brand new sheetrock, base and case, and tubs. The property has a large swimming pool, sun deck and a club house, all of which can be brought back to life. Built in 1974, the property consists of 18 residential buildings and has a large area for amenities such as playgrounds, barbeque grills, picnic tables and gazebos. The property is located close to both the airport and downtown Oklahoma City.
NEIGHBORHOOD
The asset is located just outside of the neighborhood of Bethany. Bethany supports many retail, service sector and healthcare related jobs. There is a high renter demand in this neighborhood due to its ease of access to many parts of Oklahoma City.
PROPERTY STORY
Approximately 10 years ago, the property was thriving with high occupancy and was considered one of the better apartment communities in the area. However, a new owner eventually mismanaged the property and lost it to foreclosure. The last owner whom we purchased the property from, acquired the property through a lender foreclosure in 2014. They started on the rehab of the property and repaired some of the roofs but were not able to continue due to financial constraints and focus elsewhere. They then boarded up the property and decided to sell it. This property has a great amenity setup with potential for many great amenities and services. It has a pool next to a large clubhouse in the middle of the property. It has a sun deck and a large club house which may be remodeled to include a gym, internet café, movie room and resident resource center. The previous owner had also started the remodel on many units with new drywall, base and case, and tubs and shower surrounds
PROPERTY STORY
The property has been vacant for several years and is completely boarded up, thus the property will require considerable rehab to bring it back to life. there are many units that have newer sheetrock, base and case, and shower surrounds/tubs. Also, many units have newer pex plumbing and electric that the previous owner started on. Many of the roofs were repaired a few years ago. The exterior of the buildings is in fair shape as approximately 30% of it would need new siding and there are walkways and porches that would need to be replaced/rebuilt. Structurally, the buildings are solid, no signs of cracks or any structural integrity issues.
