Colliers International is pleased to present for your consideration Silverstone Apartment Homes, a 128-unit Class B multifamily asset located in thriving Tulsa, Oklahoma.  Designed and built in 1983 and situated on 4.6 acres of well landscaped land, the property is predominantly wood construction featuring stone accents with pitched roofs.  It offers residents 1 and 2 bedroom floor plans and a 2-bedroom, 2-story loft floor plan.  

Silverstone is strategically-located in east Tulsa and close by to the desirable Broken Arrow submarket.  The property enjoys great visibility along East 31st Street, within ½ block of where East 31st Street intersects with heavily traveled S. 129th St. It is a short distance to Broken Arrow Expy (51), US 169 and I-44.

Major employers located nearby include St. John Hospital at Broken Arrow, Avis/Budget Group, AT&T, American Airlines, Tulsa Dynaspan, Northeastern State University, Baker Oil Tools, MetLife, ITT Technical Institute, State Farm, Global Client Solutions, Quick Trip Corporate Headquarters and Eastgate Metroplex (Coca-Cola, Energy One, Alorica and Tulsa’s University of Phoenix).

Tulsa is considered to be one of the Nation’s strongest rental markets.  In 2012, it was recently ranked by Fiscal Times among the top five markets in the country for finding a job.  In 2011, Forbes magazine ranked Tulsa 46th among the 50 top metros in its annual list of the “Best Places for Business and Careers.”

Silverstone’s 2011 collected rental revenue was well below market.  There is substantial upside to be realized upon stabilization and occupancy recently increased to 91% (the property is 94% leased as of March 2012). The property represents a ‘value-add’ opportunity and can be repositioned through minor capital improvements.

Asking Price:  $4,250,000

$33,203/unit   •  $40.25/psf

9.1% Stabilized Cap Rate