Los Angeles investor buys Oklahoma City's Village at Quail Springs Apartments
The buyer of an Oklahoma City apartment complex was attracted to the barely 1-year-old property because of its location along the booming Memorial Road and the strong Oklahoma economy, the brokers said.
A Los Angeles-based investor new to Oklahoma City bought Village at Quail Springs Apartments Thursday for $21.45 million, which the brokers said was the largest multifamily sale so far this year.
Post Investment Group LLC bought the 276-unit complex, completed just more than a year ago at 14520 N Pennsylvania Ave., from Village at Quail Springs LLC, an entity of Indianapolis-based developer S.C. Bodner Co. Inc.
Brokers David Burnett and Andy Burnett of Sperry Van Ness/William T. Strange & Associates
“The buyer was attracted to Village at Quail Springs for a variety of different reasons, of which the location and asset class were paramount,” David Burnett said. “The buyers ... had been keeping an eye on Oklahoma City for some time. Village at Quail Springs offered a unique opportunity to acquire essentially brand-new product without paying significantly over market.”
He said just two Class A apartment properties traded hands last year, an average price per unit of about $73,000. Village at Quail Springs traded higher at $77,700 per unit because of “the newer age of construction and quality location,” he said.