Flamingo Apartments

[Dr Beard Face]

Wonder what kind of price range these go for?

$725 is what it is listed for on Zillow.

[AnguisHerba]

$725 is what it is listed for on Zillow.

Wow. They started out at $850 and then dropped to $769 after a couple weeks once they realized the two bedroom duplexes next door go for about the same as their original price. From what I know, they still haven't moved in a single resident.

[Jeepnokc]

Wow. They started out at $850 and then dropped to $769 after a couple weeks once they realized the two bedroom duplexes next door go for about the same as their original price. From what I know, they still haven't moved in a single resident.

I would think the target market is the school (OCU) across the street but that window for this year's students has closed or is closing soon as the semester starts back. There were a lot of law students that lived in Cokesbury. With the move downtown, I wondered how thatt has affected their numbers.

[Pete]

Right, I think they largely missed the window for students, as certainly all or most already had set housing plans before this became available in just the last few weeks.

[traxx]

I don't think they have a website either. Or at least I haven't found one. I know they have a facebook page, but if you're going to operate as a business, you need a website with floorplans, prices, availability etc.

[TheTravellers]

http://okcmod.com/2017/09/the-flamin...prings-to-okc/

[RustytheBailiff]

The Flamingo

1844 NW 23rd St
Oklahoma City, OK 73106
TEL (405) 246-9669, option 1
FAX (877) 649-8142
EMAIL info@kevoproperties.com






1
BEDS
1
BATHS
$850
RENT/MONTH

[d-usa]

That's not much less than the mortgage on my 3 bed 2 bath house.

[OKC_on_mines]

^^^^^one thing that has made my city so great is the cheap cost of living.....I understand people go into business to make money while providing a service; just hopeful more folks would commit to urban/modern/upgraded accommodations at a fair and reasonable price!

[dankrutka]

As always, why are people stressed about the prices? The market will work this out. If they're worth $850 for a 1 bed, 1 bath then they'll rent. If not, then they'll lower the prices. Long term, rental prices work themselves out.

Having said that, you pay more for location. If you're a student at OCU, these are probably the nicest rentals off campus that are within walking distance of campus and the Plaza District.

[cinnamonjock]

A lot of the cheaper rents in this part of town are for places that haven't been renovated for years and years. This looks like it was a complete gut job and is in a convenient spot for a fair amount of people. Parking is terrible for anyone to commutes to OCU

[AnguisHerba]

They started out at $850 when they opened a few months ago, but after several price reductions, they are now renting for $695.

As far as I can tell, they still haven't rented a single unit. I really want this to succeed. I hope they have the capital to hold out a year and catch next year's wave of students.

[d-usa]

Hoping they will catch some people moving between semesters or starting up in the spring semester.

[OKC_on_mines]

They started out at $850 when they opened a few months ago, but after several price reductions, they are now renting for $695.

As far as I can tell, they still haven't rented a single unit. I really want this to succeed. I hope they have the capital to hold out a year and catch next year's wave of students.

$695

Now that I can do. Right in uptown, near both the plaza district and paseo too. Midtown down the road on classen. Definitely worth it.

[Anonymous.]

I still don't think anyone lives here. I drove by yesterday and it looked abandoned.

[Pete]

I still don't think anyone lives here. I drove by yesterday and it looked abandoned.

There are people living there. They just park in the back.

[AnguisHerba]

There are people living there. They just park in the back.

Yep. There's about 10 regular cars parked in the rear every night. I think this place is going to do fine, it just took some time to fill in. Still tons of affordable competition in the area, though.

[Pete]

This little complex seems quite full these days, as I frequently drive by.

[JRod1980]

I still don't think anyone lives here. I drove by yesterday and it looked abandoned.

Likely because a majority of the residents are students and they are gone for winter break. I live close to this complex and the parking lot is typically full of cars during the school year.

[ShadowStrings]

Likely because a majority of the residents are students and they are gone for winter break. I live close to this complex and the parking lot is typically full of cars during the school year.

The comment you responded to was from a year ago.

[Pete]

This complex sold earlier this month for $2.636MM to a new local investor.

[SEMIweather]

This complex really is such a neat fit for the area. Gives me hope about what could become of some other rundown buildings along the 23rd street corridor.

[SagerMichael]

This complex sold earlier this month for $2.636MM to a new local investor.

Does the investor plan to make any changes to the complex or is it a buy and hold deal? I currently live in The Regency and I want to move somewhere in Uptown/Paseo when my lease is up and I was looking at these apartments.

[Pete]

Press release:

*************

CBRE Announces Sale Of Flamingo Apartments In Oklahoma City

Oklahoma City, OK – January 25, 2019 – CBRE announces the sale of Flamingo Apartments at 1844 NW 23rd Street in Oklahoma City.

The 18,332-square-foot 32-unit apartment community sold for $2,636,000 and was 97% occupied at the time of sale.

CBRE represented the seller, 930 NW 20th, LLC and SC Capital APT-I, LLC, an affiliate of Oklahoma City-based boutique real estate development and design company, Nostalgia Shoppe. The buyer was Flamingo Holdings, LLC. Chris Dunning, with CBRE Debt & Structured Finance, secured a non-recourse long term fixed rate Freddie Mac Small Balance Loan for the buyer.

Formerly known as University Manor, Flamingo Apartments was built in 1961, was acquired by the seller in 2016, and then was re-branded and fully renovated in 2017 with a mid-century modern-retro aesthetic.

“The offering was recognized as a compelling long-term investment opportunity for a number of reasons,” says Jason Little, First Vice President at CBRE in Oklahoma City. “The property’s ‘like new’ condition following an extensive renovation, its visibility along the Uptown 23rdcorridor, as well as the urban infill nature of the property’s location across from Oklahoma City University and its walkability to the Plaza District’s offerings of retail, restaurants, and nightlife are competitive advantages that very few existing apartment communities can match. In addition, the buyer was able to further enhance value for its investors by securing long-term, fixed-rate federally insured debt capital for the acquisition.”