The Lofts at North Penn

Description:

PROVEN VALUE-ADD OPPORTUNITY
Newmark is pleased to present The Lofts at North Penn in Oklahoma City, Oklahoma. Built in 2018 and featuring 192 units, this Class A asset affords tenants top-tier amenities including a large resident lounge, community pool, outdoor lounge / kitchen, dog park with agility course and detached garages (premium, extra charge). Units feature spacious open floor plans, faux wood flooring in kitchens and bathrooms, built-in microwaves and washer / dryer sets included. Select upgraded units feature stainless steel appliances, brushed nickel accents and lighting, quartz countertops, shaker cabinetry and faux wood flooring throughout. Demonstrated opportunities exist for increased revenues through continued upgrades to legacy units. Upgraded two-bedroom units feature market rents exceeding legacy units by $100 to $215 per month. Market rents for upgraded three-bedroom units are $100 to $225 per month higher.

SUPERB COMMUTER LOCATION
Lofts at North Penn enjoys close proximity to the Kilpatrick Turnpike, a short commute to the OKC CBD, and immediate access to the top retailers and businesses of the Memorial Road corridor. Families with children will be attracted to the property’s highly desirable location in the Edmond Public Schools district.

HIGH-GROWTH SUBMARKET
The Memorial Road (Kilpatrick Turnpike) corridor is one of Oklahoma City’s most dynamic and sought-after retail trade areas. Home to high-performing Quail Springs Mall and new developments like the premier 190-acre pedestrian-friendly Chisholm Creek, corridor highlights include three country clubs, top-of-market healthcare, major area employers, and unmatched retail options. Many more additions are currently under development or in the planning stages.

The Lofts at North Penn