Gilcrease Estates Tulsa, OK

Investment Highlights

• Offered at an Attractive Basis for 2005 Construction
• Proven Upside by Taking Rents to LIHTC Max Allowable
• Significant Demand for Affordable, 62+ Independent Living Housing
• Well Maintained Asset with Strong Historical Financials
• Offered Free and Clear of Existing Debt



Offered at an Attractive Basis for 2005 Construction

Gilcrease Estates offers a unique opportunity to acquire a newer-built asset at a significantly more competitive basis compared to similar quality properties. In 2024, assets constructed in the 1980s in Tulsa have traded in the upper $70ks to low $80ks per unit. As demand increases for properties with lower maintenance and management requirements, Gilcrease Estates, built in 2005, presents an attractive opportunity to acquire a cash-flowing, stabilized asset at an exceptionally favorable per-unit price.

Proven Upside by Taking Rents to LIHTC Max Allowable

The current ownership of Gilcrease Estates. The property is now primed for further improvement via growing new leases to market without major improvements. 

~$70/unit + in rent increase is achievable when surveying the surrounding market while still drafting below max allowable rents.

In 2018-2024, the average annual rent growth for max allowable rents averaged 4.4% for both 50% and 60% AMI units indicating an historically robust rent trend over six years. This consistent growth rate demonstrates the ongoing increase in allowable rents, reflecting a broader rise in housing costs for affordable units.

Significant Demand for Affordable, 62+ Independent Living Housing

Osage County’s senior population is on the rise, with a projected 3.7% increase in householders aged 65 and older over the next five years, signaling a maturing market ready for specialized housing options. This demographic shift, coupled with a notable 12.9% increase in median household income for seniors, points to a financially stable and expanding target group seeking affordable, independent living solutions.

Currently, no age-affordable assets are under construction in Osage County, presenting an exceptional opportunity to meet the growing demand in this underserved market. With robust income growth and an aging population, Osage County is well-positioned to support long-term success in the affordable, 62+ housing sector.

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