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Offers Due June 19, 2020
Price Edwards and Company is pleased to announce the redevelopment opportunity of Parklane Townhomes. This is a partially renovated vacant 60-unit community located in a very desirable area of Northwest Oklahoma City and within walking distance to attractions like Lake Hefner, Lake Hefner Golf Course and the Lake Hefner public park system. Along the front of Parklane is the northern leg of Oklahoma City’s 80+ mile trail system that connects a network of 10 inter-connected trails that can take you to almost every point in the city. Less than one quarter mile to the south is Northwest Expressway (state highway 3), an approximately ten mile retail corridor in northwest Oklahoma City that connects the center of Oklahoma City to the far northwest Oklahoma City and is lined with a mixture of retail and commercial businesses.
Current ownership replaced the roof, siding, and windows; however, the property has remained vacant for over a year and suffered from recent vandalism creating the sense of urgency to move forward. Interior conditions range from blank canvass of sheetrock to units that have been demoed down to the studs, with other varying between. Buyers will benefit from a purchase price significantly below replacement cost, complete the renovation and realize a significant return on their investment in a prime location. Townhome style units are highly desirable, and with the large average floor plan of 1,361 square feet, the average rents will help Parklane achieve a higher than average value compared to other properties of comparable size or age.
Potential buyers are invited to tour the property June 3rd and June 16th starting at 10am. You must register prior to tour date and sign a release. A full property inspection report will be provided; however, no guarantee or warranties are provided, and buyers are required to perform their own due diligence and the property is being sold as-is where-is with all faults. Offers must be submitted no later than 5:00 PM on June 19th, and seller reserves the right to accept or reject offers at any time prior to the bid deadline.