Multifamily Investment Property Exceeds Projected Pro Forma Expectations
Willowpark Apartments, a 160-unit multifamily property located in Lawton, OK has exceeded pro forma expectations in just five months.
The property is asset-managed by National Asset Services (NAS), one of the Country’s leading commercial real estate companies, known for maximizing property value in all economic situations.
The NAS Asset Management team has restabilized the tenant base while increasing the average rent resulting in an investment performance that exceeds the property’s operating pro forma at the time of acquisition, February 2023. The stellar operations’ performance has already generated a 12.5% increase over the projected year-10 property value assuming an exit 5% CAP rate.
The property was underwritten and offered for investment by NAS Investment Solutions.
“Property performance at Willowpark has far exceeded our expectations in just five short months,” commented Karen E. Kennedy, President and Founder of NAS and NAS Investment Solutions. “We are seeing strong property rental income even before starting our renovation plans designed to further improve the quality of our residents’ living experience. This is great news for our current and new investment clients as the opportunity to further improve upon average market rents is significant at this value-added investment property.”
The Willowpark property is located just minutes from Ft. Sill Military Base, the largest field artillery complex in the world with an estimated 20,000 military and civilian personnel, and 33,000 military family members. Willowpark is also within short driving distance to the area’s major employers including Goodyear, Republic Paperboard, Bar-S-Foods, Silver-Line Plastics and Cameron University. The Willowpark apartment community consists of ten 2-story buildings on 6.43 acres with an average apartment home size of 603 square feet.
