NAS Acquires Oklahoma Property
The buyer was drawn to the state's stable labor pool, lower cost of living and military facilities.
Willowpark Apartments. Image courtesy of NAS Investment Solutions
Commercial real estate firm NAS Investment Solutions has acquired Willowpark Apartments, a multifamily community in Lawton, Okla., from First Pacific Group.
Located at 6701 NW Maple Drive and constructed in 1985, Willowpark Apartments is a 160-unit property with an occupancy rate of 96.9 percent.
The community features 10 two-story frame structures on 6.4 acres. The one- and two-bedroom apartments measure an average 603 square feet in size. Apartments feature individual air conditioning, semi-private entries, walk-in closets and high-speed internet access. Amenities include a resident computer lab. Several fully furnished apartments are available with short-term leases.
Interior mélange
“We view this as a value-add opportunity during the hold period,” Karen Kennedy, president & founder of NASIS, told Multi-Housing News. “Our intent is to increase the livability and comfort for the residents there now and those to come by providing interior and exterior upgrades.”
Willowpark Apartments is situated minutes from Fort Sill U.S. Army base. With an estimated 20,000 military and civilian personnel, and 33,000 military family members, Fort Sill is the largest field artillery complex in the world. The community is located within a brief commute of primary job hubs featuring such employers as Goodyear, Republic Paperboard, Bar-S Foods, Silver-Line Plastics and Cameron University.
Lawton, which is the seat of Comanche County, is located approximately 90 miles southwest of Oklahoma City, where last month a joint venture of ERC Holdings and Tradewind Properties announced plans to develop a multifamily community.
