44 Units - SMG Apartments 2 Multifamily Properties Offered at $7,297,447 CAD in Oklahoma City, OK

Moreau Property Advisors is pleased to exclusively offer for sale a 44-unit multifamily portfolio located at 3718 and 3720 N Pennsylvania Avenue in Oklahoma City, Oklahoma. The offering consists of two adjacent properties—The Heights Apartment Complex, a 36-unit community, and Las Villas on Penn Ave, an 8-unit community. Together, the properties provide an investor the opportunity to acquire meaningful multifamily scale in a single location with 44 units and approximately 43,602 square feet of improvements.
The portfolio is offered at a combined asking price of $5,225,000, or approximately $118,750 per unit. Based on the financial information provided, the properties generate approximately $510,640 in combined annual gross income and $385,238 in combined NOI, equating to an approximate 7.37% capitalization rate at the asking price. Both properties are currently 100% occupied and underwent significant renovations in 2024, providing an incoming owner with established cash flow and the benefit of substantial recent capital improvements.
The Heights Apartment Complex is located at 3720 N Pennsylvania Avenue and consists of 36 units totaling approximately 35,502 square feet on 1.49 acres. The property features a diversified unit mix of 15 one-bedroom and 21 two-bedroom apartments. The Heights generates approximately $446,640 in annual gross income and $334,996 in NOI and is individually offered at $4,750,000.
The Heights was fully renovated in 2024 and features a brick and stucco exterior, new roof, concrete parking and gated keypad access. The property's combination of recent renovations, current 100% occupancy and larger unit count establishes The Heights as the primary income-producing component of the portfolio. Its configuration along Pennsylvania Avenue provides excellent visibility while the controlled-access parking area creates a defined residential community within the surrounding infill neighborhood.
Immediately adjacent to The Heights is Las Villas on Penn Ave, located at 3718 N Pennsylvania Avenue. Las Villas consists of eight one-bedroom apartments totaling approximately 8,100 square feet and is offered at $475,000. Based upon its reported NOI of approximately $50,242, the adjusted asking price represents an approximate 10.58% capitalization rate. The property generates approximately $64,000 in annual gross income and benefits from a relatively efficient reported operating expense structure.
Las Villas was also renovated in 2024, with improvements including exterior upgrades, new exterior paint and siding, interior repair and finish-out work and other major capital improvements. These improvements have modernized the property's appearance while reducing near-term capital needs.
One of the most attractive characteristics of the offering is the adjacency of the two properties. Rather than acquiring 44 units dispersed throughout the market, ownership can control both assets in essentially one location. This concentration creates the potential for streamlined management, leasing, maintenance, vendor coordination and overall property oversight. The combination provides an attractive portfolio unit mix of 23 one-bedroom apartments and 21 two-bedroom apartments.
The properties are located along North Pennsylvania Avenue in an established Oklahoma City infill corridor, north of central Oklahoma City and south of The Village and Nichols Hills. The location provides connectivity to major employment, retail and residential areas throughout the metropolitan area as well as convenient access to Oklahoma City's broader transportation network.
The surrounding area provides significant population density. Demographic information included with The Heights reports approximately 14,625 residents within one mile, 93,651 within three miles and 203,857 within five miles, with approximately 88,206 households located within five miles. Average household income is approximately $68,946 within one mile, $84,667 within three miles and $74,945 within five miles.
The portfolio's recent renovation history further differentiates the offering from traditional value-add multifamily opportunities. Both assets underwent significant improvements in 2024, allowing an investor to acquire properties with recent capital investment already completed while benefiting from existing occupancy and income.
At the combined $5,225,000 asking price, the portfolio provides an attractive basis of approximately $118,750 per unit and an approximate 7.37% going-in capitalization rate based upon reported NOI. The acquisition provides immediate ownership of 44 units while maintaining the operational simplicity associated with a concentrated location.
The Heights and Las Villas present a compelling opportunity for private investors, regional multifamily operators and 1031 exchange buyers seeking a stabilized Oklahoma City multifamily investment. With 44 units, 100% occupancy, approximately $385,238 in combined NOI, significant 2024 renovations and two adjacent properties, the portfolio offers a compelling combination of current income, operating scale and recently improved physical assets in an established Oklahoma City location.