Summary
Alora, FKA Isola Bella, is comprised of 850 units located in the North West corner of Oklahoma City. The property has a 30,000 SF fitness center, basketball courts, five outdoor swimming pools, and offers residents waterfront views of the property’s 2 lakes. Nearly 650,000 people live in Oklahoma City, and nearly 1.4 million people reside in the greater metropolitan area.
PROPERTY OVERVIEW
– 850 Units
– Purchase Price: $42.5MM
– Year of Construction: Built in phases during the 1970s
– Class C Property
BUSINESS PLAN
– Improve the curb appeal by repainting the exteriors, improving the landscaping, and replacing the fitness center roof.
– Low Income Housing Tax Credits will be used to perform significant upgrades to the entire community in Q4 of 2022.
– Lower various expenses and improve operational inefficiencies caused by the previous management company.