The Fairway

Situated only 10 miles south of downtown Tulsa, The Fairway offers easy access to the region's employers, shopping centers and dining options. The property is located 3 miles from US Rt. 75 and is within 6 miles of Interstate 44 - providing swift commutes to both Oklahoma City and surrounding cities. Additionally, Tulsa International Airport is just 14 miles away from the property, making travel convenient for residents. Southern Hills Country Club lies next door to the property.Iron Gate Acquisitions is proud to present The Fairway Apartments, a 90.5% occupied 106 unit value-add multi-family property in Tulsa, OK. (Waller Group Text To Edit) The property is available because current ownership is looking to diversify their portfolio. Current ownership has recently completed extensive capital improvements as of 2021. The property has all new roofs, gutters, fascia, and soffits with a 15-year transferrable warranty. There are 30 brand new heating and cooling systems, as well as an all-new dog park. They added additional security fencing and exterior dusk to dawn lighting at the entrances to all buildings. Along with new dumpster corrals, ownership resealed, restriped, and patched the parking lot. There have been extensive deck repairs, including the addition of joist hangers, lag bolts, and the replacement of any rotten wood. All decks and balconies have been pressure washed and re-stained, and a new roof was built over the mailboxes. The property’s landscape was updated throughout 2021, all common area stairwells were painted, and all common area lighting was replaced. Other than substantial tree trimming and removal in 2020, all improvements were made in 2021. Additionally, 26 units have been renovated as leases have expired. Current ownership is achieving $334,988 in annual NOI. New ownership, based upon area rent comps, can raise rents by $241 per unit, which is a $0.30 / sqft bump. With this bump, new ownership can achieve an annual NOI of $???,???. The property is currently professionally managed at 3% of EGI and is willing to stay on after change of ownership. Proforma financials were underwritten with a 5% management fee.