1010 Lovers Lane ln - Apartments FOR SALE


Perkins, OK 74059
$5,250,000 USD
918-313-0795
1010 Lovers Lane ln, Perkins, OK for Sale
$5,250,000 USD
Apartments - FOR SALE
1/22
null | 4.49% Cap Rate

1010 Lovers Lane ln
Perkins, OK 74059


HIGHLIGHTS

  • 100% Occupied. OSU Rental Market. Upside with ability to Increase Rents.
  • Stabailzed Property
  • New Construction.

OVERVIEW

Companion Park is a newly constructed 17-unit build-to-rent multifamily community located at 1010 Lovers Lane in Perkins, Oklahoma, just minutes from Stillwater and Oklahoma State University. The asset represents a scalable BTR product in a supply-constrained rental corridor with consistent housing demand driven by university, workforce, and regional growth dynamics. Completed in phases with final duplex deliveries in August and September 2025, the community consists primarily of modern duplex residences alongside a detached single-family home. The uniform product type, new construction quality, and efficient layout position the asset competitively against older housing stock, offering tenants a higher-quality alternative with lower long-term maintenance exposure for ownership. The property is 100% occupied with a diversified lease schedule extending through 2026 and 2027, demonstrating strong tenant retention and income durability. Leasing velocity has remained consistent, with average turnover of approximately 15 days, reinforcing the strength of demand within the Perkins–Stillwater corridor. Companion Park currently generates approximately $310,200 in annual rental income, with a projected increase to approximately $312,000 by August 2026. There is additional runway for rent growth as the asset continues to season and align with market rates. Operating efficiency remains a key strength, with an expense ratio of approximately 24%, supported by new construction, tenant-paid utilities, and minimal ongoing maintenance requirements. Recent improvements include perimeter fencing, with planned enhancements such as decorative stone and brick entry features and ranch rail frontage fencing, further strengthening curb appeal and long-term positioning. From an investment standpoint, Companion Park offers a clear path to performance through continued rent optimization, operational efficiency, and long-term hold or refinance strategies. The asset’s build-to-rent configuration provides a replicable model within a fragmented market, creating both scalability and exit optionality for investors seeking durable income with growth potential. Key Investment Highlights: • 17-unit stabilized build-to-rent community • Completed in 2025 with modern duplex construction • 100% occupied with staggered lease expirations through 2027 • Proven leasing velocity with 15-day average turnover • In-place income with near-term rent growth potential • Tenant-paid utilities supporting strong expense control • Approximately 24% expense ratio • Minimal deferred maintenance with new construction • Located in a high-demand Perkins–Stillwater corridor near OSU Companion Park presents an opportunity to acquire a stabilized, newly constructed BTR asset with strong in-place income, operational efficiency, and a defined path to long-term value creation in a consistently performing rental market.

FOR SALE DETAILS

PRICE

$5,250,000 USD

PRICE/SF

$222 USD /SF

# OF UNITS

17

PRICE/UNIT

$308,824

CAP RATE

4.49%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Companion Park Duplexes

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2024

PARKING SPACES

-

LAND DETAILS

LAND ACRES

3 AC

LAND SF

130,680 SF

ZONING

Residential

APN/PARCEL ID

600011783

ASK ABOUT THIS PROPERTY

David PunnettPremier Real Estate Leasing Company LLCMore Info
918-313-0795

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David PunnettPremier Real Estate Leasing Company LLCMore Info
918-313-0795

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.