Lexington Commons

Description:

Lexington Commons in Bartlesville, Oklahoma was built in 1985 and features 206 units. The asset affords tenants four spacious floor plans, a community room, and a swimming pool with sunning deck. Unit amenities include a fireplace, and washer / dryer connections in all units. Select units feature an attached garage, den, and vaulted ceilings. The RUBS program in-place provides expense recovery and operational efficiency.

ATTACHED GARAGE, WASHER/DRYER CONNECTION
The property offers a highly differentiated product, with select units featuring attached garages, and all units equipped with washer/dryer connections, fireplaces, and private patios or balconies.

LARGE FLOOR PLANS
The asset offers four spacious floorplans with an average size of 1,088 square feet – materially larger than the competitive set.

RARE OPPORTUNITIES FOR SCALE
The property represents a rare scale opportunity in Bartlesville, standing as one of the only multifamily assets in the market with more than 200 units.

PROXIMITY TO MAJOR EMPLOYERS
Lexington Commons enjoys easy access to major area arterials including U.S. Highways 75 and 60, affording short commute times to downtown Bartlesville and top area retailers and businesses. Major area employers include ConocoPhillips, Jane Phillips Medical Center, and Chevron Phillips Chemical, sustaining a well-educated workforce and an ideal renter demographic.

REVENUE GROWTH THROUGH STRATEGIC ENHANCEMENTS
The asset offers a clear runway for continued interior improvements and revenue optimization as prior interior value-add renovations generated meaningful rent premiums at a modest per-unit investment.

OFFERED BELOW REPLACEMENT COST
Lexington Commons presents a market-demonstrated opportunity for a well-maintained stabilized asset that is being offered well below replacement cost.

Lexington Commons

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