Citadel Suites 114 Units - Oklahoma City

5113 N Brookline Ave  Oklahoma City, OK 73112

Min. Invest
$50,000
Target Hold
60 mo
IRR
21.00%
Progress - 23% Pledged
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Project Summary

Boulder Creek Investments (BCI) has the opportunity to acquire Citadel Suites in Oklahoma City, Oklahoma for $6.3 million. The property has been owned by the seller for approximately 15 years and presents deep value add components such as operational improvements and unit renovations to match resident demand.

We’re planning a comprehensive remodel and rebranding for the property – starting with unit interiors and continuing to windows, exterior painting, and landscaping. The total budget is approximately $1.1 million.

The property currently operates on an All Bills Paid model including even Cable and Internet in its rents, which is abnormal for the market. Further, partially-renovated units at the property are achieving $100+/month rent increases with fully renovated units bringing more. We plan to transition away from the all-bills-paid model and increase rents to market rates as units are remodeled and a new tenant base is moved in. This will dramatically increase the NOI and the subsequent value of the property for the investors.

While we have a 36-month bridge loan with multiple extensions arranged for the acquisition debt, our plan is to refinance between months 18 and 30 after the property is fully renovated and performing to plan. This is projected to allow us to return close to 75%+ of the capital to investors at that time.

***See 'Investor Presentation' in the Documents section for in dedpth market research and comparisons***

 

 

Please contact us for any questions and to sign operating and subscription agreements. 

John Wires

Email: bouldercreekinvestments@gmail.com

Phone Number: (816) 852-0011

Investment Type Equity
Term 60 Months
Raise Amount $2,600,000
IRR 21%

Why Invest?

  1. Multiple value-add opportunities
  2. Attractive location within OKC
  3. Renovated comps prove the market
  4. Strong employment base
  5. Tax advantages (depreciation) for investor partners

 

For more information about passive investing and our company:

Financial Summary

Our Management Team, along with our Property Manager, are well versed in these turn around projects, having executed similar or even more extensive renovations over the past decade on properties of all sizes. We are excited to execute this project on behalf of our investors.  

Business Plan:

  • Improve residence interiors with upgraded finishes
  • Exterior improvements & rebrand
  • Reduce current expenses and convert residents to pay utilities
  • Introduce our property manager's operational improvements and efficiencies
  • Attract new tenant base with focus on two income families and young professionals

Projected to refinance in 2-3 years & exit in 5 years with the following returns

This is a partnership opportunity with full tax benefits that pass down through k-1 returns.  You will benefit from deductions like depreciation, diversification from the market, and a professional mgmt team.    

For more information about passive investing and our company:

https://bouldercreekinvestments.com/

Financial Sources

Equity $2,606,000
Debt $5,840,000

Financial Uses

Purchase $6,300,000
Renovation $1,100,000
Closing Costs $369,000
Operations and Interest Reserve $671,000
Total $8,440,000

Contact Us

Please contact us for any questions and to sign operating and subscription agreements. 

John Wires

Email: bouldercreekinvestments@gmail.com

Phone Number: (816) 852-0011

Property Summary


Citadel Suites is a 114-unit apartment building in northwestern Oklahoma City. Built in 1970, it offers the traditional garden-style structure featuring 1- and 2-bedroom units with an average unit size of 955 square feet. The property includes multiple courtyards, an office/clubhouse, and two swimming pools.

The property is in an excellent location, with numerous large employers nearby. Nearby employers include INTEGRIS Baptist Hospital (7,000 jobs), MidFirst Bank (2,000 jobs), Chesapeake Energy (1,800 jobs), Cox Communications (1,400 jobs) and Oklahoma City University (450 jobs). The immediate area is also full of attractive retail and dining, including Target, Walmart, Sams’ Club, Dave and Busters, Chipotle, Starbucks, and the Penn Square Mall to name a few.

Nearby upgraded properties to the north and west are achieving significantly higher rents by targeting a demographic with higher incomes and multiple incomes per household. Our plan is to target a similar demographic that expects to pay higher rents for upgraded apartments and pay for their own utilities in addition to their rent. 

 

***See 'Investor Presentation' in the Documents section for in dedpth market research and comparisons.***

Address Property Type Units Buildings Current % Occupied Avg. Unit Size
5113 N Brookline Ave
Oklahoma City, OK 73112
Multi Family 114 12 90.00 955

Market Overview

The property is in an excellent location, with numerous large employers nearby. Nearby employers include INTEGRIS Baptist Hospital (7,000 jobs), MidFirst Bank (2,000 jobs), Chesapeake Energy (1,800 jobs), Cox Communications (1,400 jobs) and Oklahoma City University (450 jobs). The immediate area is also full of attractive retail and dining, including Target, Walmart, Sams’ Club, Dave and Busters, Chipotle, Starbucks, and the Penn Square Mall to name a few. 
 
OKLAHOMA CITY
OKC is the 27th largest city in the US, with a
metro area population of about 1.4 million
people. Its diverse economy is driven by key
industries including livestock, oil/gas, and
federal/military operations.
Other major employers include City and State
government and local medical facilities like
INTEGRIS Baptist, which has over 7,000
employees within 1.5 miles of Citadel Suites.
OKC also is also home to a number of corporate
headquarters and the University of Oklahoma to round out its economic landscape.
The area surrounding Citadel Suites hosts a number of OKC’s major employers and is full of shopping, dining,
and other office buildings that provide a rich environment for residents to live, work, and play. Regional
attractions like the Bricktown Entertainment District (shown above) are only a short drive away.
 
Citadel Suites is in the Wileman 3 Neighborhood in OKC.
This well-developed area has a variety of apartments,
commercial, medical, and retail outlets. Northwest
Expressway is the northern border of the neighborhood,
with INTEGRIS Baptist Medical Center occupying the
northwestern corner. Other major medical facilities in the
neighborhood include the Hough Ear Institute and the
Great Plains Family Medical Center.
With Downtown Oklahoma City about six miles southeast
and Oklahoma City University only three miles away,
Wileman 3 has the features and easy access to the rest of
the city to make it an ideal location for commuters looking
for a peaceful place to call home.
The neighborhood also provides residents convenient
access to nearby destinations including the Oklahoma State Fair, Penn Square Mall, local parks, Will Rogers
Airport, and Lake Hefner.
 
Lake Hefner, 2.5 miles north of Citadel Suites, is a 2,500-acre recreational hotspot
for all of Northwest OKC. Its 17 miles of shoreline feature walk/run/bike trails,
playgrounds, picnic facilities, sports fields, parks, golf, and numerous restaurants.
The lake is also known as a sailing mecca, with a number of sailing and
kiteboarding events throughout the year.

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CERTAIN INFORMATION REGARDING THIS OFFERING

THESE UNITS ARE BEING OFFERED WITHOUT REGISTRATION UNDER ANY FEDERAL OR STATE SECURITIES LAWS, BUT ARE BEING OFFERED UNDER AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER COMPARABLE EXEMPTIONS UNDER VARIOUS STATE SECURITIES LAWS. HOWEVER, THE SECURITIES AND EXCHANGE COMMISSION (“COMMISSION”) HAS NOT DETERMINED THAT THESE UNITS ARE EXEMPT FROM REGISTRATION. THESE UNITS HAVE NOT BEEN REVIEWED, APPROVED OR DISAPPROVED BY THE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS THE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY, ADEQUACY, COMPLETENESS OR MERITS OF THIS MEMORANDUM, AND ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THIS MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL TO, OR A SOLICITATION OF AN OFFER TO BUY FROM, NOR SHALL ANY OF THE UNITS BE OFFERED OR SOLD TO, ANY PERSON IN ANY JURISDICTION IN WHICH SUCH AN OFFER, SOLICITATION, PURCHASE, OR SALE IS UNLAWFUL OR UNAUTHORIZED UNDER THE SECURITIES LAWS OF SUCH JURISDICTION.

THE STATEMENTS MADE HEREIN ARE MADE AS OF THE DATE ON THE COVER OF THIS OFFERING MEMORANDUM. THIS OFFERING MEMORANDUM CONSTITUTES AN INVITATION TO THE PROSPECTIVE INVESTOR TO SUBMIT AN OFFER TO SUBSCRIBE. NO PERSON MAY PURCHASE THE UNITS OFFERED HEREBY EXCEPT PURSUANT TO AN EXECUTED SUBSCRIPTION AGREEMENT IN THE FORM PRESCRIBED BY THE FUND, AND THEN ONLY FROM A PERSON TO WHOM THE FUND OR ITS DESIGNATED AGENT HAS DELIVERED A COPY OF THIS OFFERING MEMORANDUM.

THESE UNITS ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED BY THE FUND. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THERE IS CURRENTLY NO PUBLIC MARKET FOR THESE UNITS.

IN MAKING A DECISION TO PURCHASE UNITS HEREUNDER, PROSPECTIVE INVESTORS MUST CONDUCT THEIR OWN INDEPENDENT INVESTIGATION OF THE FUND AND THE TERMS OF THIS OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED, AND ARE ENCOURAGED TO CONSULT WITH THEIR ADVISORS AS THEY WILL BE REQUIRED TO REPRESENT THAT THEY ARE ABLE TO BEAR THE ECONOMIC RISK OF THEIR INVESTMENT AND THAT THEY ARE FAMILLIAR WITH AND UNDERSTAND THE FUNDAMENTAL RISKS AND TERMS OF THIS OFFERING.

NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATION WITH RESPECT TO THE OFFERING OF THE UNITS WHICH IS NOT CONTAINED OR REFERENCED HEREIN, AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE FUND. POTENTIAL INVESTORS MAY, IF THEY SO DESIRE, MAKE INQUIRIES OF THE FUND WITH RESPECT TO THE FUND’S BUSINESS OR ANY OTHER MATTERS SET FORTH HEREIN, AND MAY OBTAIN ANY ADDITIONAL INFORMATION WHICH SUCH PERSON DEEMS TO BE NECESSARY IN ORDER TO VERIFY THE ACCURACY OF THE INFORMATION CONTAINED IN THIS MEMORANDUM (TO THE EXTENT THAT THE FUND POSSESSES SUCH INFORMATION OR CAN ACQUIRE IT WITHOUT UNREASONABLE EFFORT OR EXPENSE).

May 29 2020

Confidential Offering Memorandum: Boulder Creek Investments

PROSPECTIVE INVESTORS ARE CAUTIONED NOT TO CONSTRUE ANY CONTENTS OF THIS OFFERING MEMORANDUM OR ANY PRIOR OR SUBSEQUENT COMMUNICATIONS, AS CONSTITUTING INVESTMENT, LEGAL OR TAX ADVICE; RATHER THEY SHOULD CONSULT THEIR OWN ADVISORS OR COUNSEL WITH THE CAPACITY TO ADVISE AND PROTECT THEIR INTEREST IN CONNECTION WITH ALL MATTERS CONCERNING THIS OFFERING MEMORANDUM.

THIS OFFERING MEMORANDUM DOES NOT KNOWINGLY CONTAIN ANY UNTRUE STATEMENT OF A MATERIAL FACT OR OMIT A MATERIAL FACT, AND ANY SUCH MISSTATEMENT OR OMISSION IS DONE WITHOUT THE KNOWLEDGE OF THE PREPARERS OF THIS DOCUMENT OR THE FUND. AS SUCH THE FUND BELIEVES THAT THIS OFFERING MEMORANDUM CONTAINS A FAIR SUMMARY OF THE MATERIAL TERMS OF ALL MATTERS, DOCUMENTS AND CIRCUMSTANCES MATERIAL TO THIS OFFERING. WHILE THE DATA AND STATEMENTS CONTAINED HEREIN ARE BASED UPON INFORMATION BELIEVED TO BE RELIABLE, NO WARRANTY CAN BE MADE AS TO THE ACCURACY OF SUCH INFORMATION OR THAT CIRCUMSTANCES HAVE NOT CHANGED SINCE THE DATE SUCH INFORMATION WAS SUPPLIED. THIS MEMORANDUM CONTAINS SUMMARIES OF CERTAIN PROVISIONS OF DOCUMENTS RELATING TO THE BUSINESS OF THE FUND AND THE UNITS OFFERED HEREBY, AS WELL AS SUMMARIES OF VARIOUS PROVISIONS OF RELEVANT STATUTES AND REGULATIONS. SUCH SUMMARIES DO NOT PURPORT TO BE COMPLETE AND ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO THE TEXTS OF THE ORIGINAL DOCUMENTS, STATUTES AND REGULATIONS.