71 Units - SMG Apartments 3 Multifamily Properties Offered at $8,000,000 in Oklahoma City, OK

Moreau Property Advisors is pleased to present the opportunity to acquire a portfolio of three multifamily assets located along the North Pennsylvania Avenue corridor in Oklahoma City, Oklahoma. The portfolio consists of 73 apartment units across three properties: The Heights Apartment Complex (41 units), Meridian Apartments (24 units), and Las Villas on Penn Ave (8 units). Collectively, the properties offer investors the opportunity to acquire a recently renovated multifamily portfolio in a centrally located Oklahoma City submarket with strong rental demand and proximity to major employment and retail centers.
The portfolio represents a compelling combination of stabilized cash flow and operational efficiencies through scale. The assets are located within close proximity to one another, allowing for streamlined management, reduced operational costs, and improved oversight compared to individually managed small properties.
The Heights Apartment Complex, located at 3720 North Pennsylvania Avenue, serves as the anchor asset within the portfolio. The property consists of 41 units totaling approximately 35,502 square feet and sits on approximately 1.49 acres. Ownership recently completed extensive renovations including new roofs, improvements to the concrete parking lot, and exterior upgrades to the brick and stucco façade. The property is currently 88% occupied and generates approximately $441,000 in gross income and $319,000 in net operating income, representing a cap rate of approximately 6.7% at the current offering price.
The Heights OM
Located directly adjacent to The Heights is Las Villas on Penn Ave, a boutique 8-unit apartment property totaling approximately 8,100 square feet. The building has undergone recent renovations including a new roof, updated exterior paint, and modern façade improvements. The property is currently fully occupied with all eight one-bedroom units renting for approximately $650 per month, producing approximately $62,400 in annual gross income and $43,680 in net operating income.
Las Villas OM-3
This asset provides a stable income component to the portfolio and benefits from its proximity to the larger Heights property.
The third asset in the offering is Meridian Apartments, a 24-unit multifamily property totaling approximately 13,200 square feet located in Oklahoma City. The property consists of studio units that have been extensively renovated, including exterior improvements, new railings and walkways, and upgraded building systems. The property is currently 100% occupied and generates approximately $187,200 in annual gross income with $131,200 in net operating income.
The Meridian OM-3
The Meridian provides strong occupancy and stabilized income, complementing the larger Heights asset.
Across the three properties, the portfolio totals 73 units and produces approximately $690,600 in combined annual gross income and $493,880 in net operating income based on current operations. The properties have benefited from significant recent capital improvements, reducing near-term capital expenditure requirements and positioning the portfolio for stable long-term operations.
The properties are strategically located within central Oklahoma City near major transportation corridors including Interstate 44 and Interstate 235, providing convenient access to downtown Oklahoma City, Penn Square Mall, and numerous employment centers. The surrounding area features strong demographics, with thousands of households within a short drive and continued population growth supporting rental demand.
The Oklahoma City multifamily market continues to benefit from steady population growth, a diversified employment base, and relatively affordable housing compared to larger metropolitan markets. These fundamentals support continued rental demand and long-term appreciation potential for well-located multifamily assets such as this portfolio.
This offering provides investors with the rare opportunity to acquire a scaled, recently improved multifamily portfolio in a central Oklahoma City location, with the ability to benefit from operational efficiencies, stable cash flow, and continued rental growth in one of the region’s most active rental markets.