$1B triple play
Real estate brokers achieve milestone in apartment sales
Real estate brokers achieve milestone in apartment sales

By Richard Mize

Published: November 17, 2007

William T. Forrest, David Z. Forrest and Eva M. Wills of CB Richard Ellis-Oklahoma, have hit a big — big, with a "b” — milestone:

Together, the brokers have handled the sale of $1 billion worth of apartment properties in the past 20 years — that's 49,991 individual apartments.

The Forrests, who are triplets, are first vice presidents and principals in CB Richard Ellis-Oklahoma, a partner operation of Los Angeles-based CB Richard Ellis Group. Wills is a first vice president of the Oklahoma City firm, which has offices in Oklahoma City and Tulsa.

"While the $1 billion sales mark has been reached (by brokerage teams) in other states with significantly higher property values, we believe this mark has never been reached by any individual or team selling multifamily properties in the state of Oklahoma,” the firm said. "The success of this team can be attributed to their market knowledge and consultative approach to the business.”

William Forrest joined the firm in 1985 and holds a bachelor of arts degree in finance from the University of Oklahoma. David Forrest has been with the firm since 1988 and holds a bachelor of science degree in geology from OU.

The brothers represent both institutional and private investors of individual properties and portfolios. They are among the firm's top producers and are frequent speakers at economic and real estate-related events and forecasts in Oklahoma City and Tulsa.

William Forrest said he never imagined such sales volume could be attained here. When he started, during the 1980s oil bust, apartment properties were selling for around $4,000 to $5,000 per unit.

CB Richard Ellis's midyear multifamily market report showed apartments built in the 1980s selling for an average of $34,256 per unit; the average price paid for 1960s and 1970s properties was $30,489.

The only 1990s-or-later property sold by midyear was Stoneleigh on May Avenue, built in 2001 at 14300 N May Ave., for $16.6 million — about $68,000 per unit.

Wills joined CB Richard Ellis-Oklahoma in 2000 and studied psychology and business at OU.

Previously, she was co-founder and principal of Mercury Properties in Oklahoma City. Mercury, with 70 employees, specialized in investment properties and turning around troubled apartment complexes. Wills consults with property owners, investors and management companies to develop strong management and make apartment properties successful.

•Balcor portfolio, 1,756 units.

•Walden portfolio, 1,198 units.

•Brookwood Village Apartments, 1,144 units.

•Tulsa American Housing Foundation portfolio, 1,067 units.

•Fowler Flanagan portfolio, 896 units.

•Sentinel portfolio, 863 units.

•Warwick West Apartments, 424 units.

•Riverbend and Cedar Lake apartments, 368 units.

• Waterford Apartments, 344 units.

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