Quail Landing sells for $21.5M
RAIA Properties of Ramsey, N.J., paid $21.5 million to Praedium Group of New York and Olympus Properties of Dallas for 216-unit Quail Landing Apartments, 14200 N May Ave., in a transaction handled by brokers Tim McKay and Aaron Hargrove of Hendricks & Partners. The price came to $99,537 per unit and was a 36 percent increase from when it last sold 20 months ago.
Hargrove said the increase is a result of improved management and marketing, as well as strong rent and multifamily revenue growth in Oklahoma City generally. “We had a ton of interest in this property. Nine very qualified and capable buyers were competing for this,” he said. “It's really pretty remarkable. Buyers are more aggressive in our market than ever before.”
Garbanzo Grill leases space
EDMOND — GMG Oklahoma LLC, the Oklahoma franchise developer for Garbanzo Mediterranean Grill, has leased space for its second metro-area cafe in Spring Creek Shopping Center at 15th and Bryant in Edmond.
The “fast casual” restaurant plans to open in March. GMG, led by Oklahoma City native and Buffalo Wild Wings franchisee Ed Lynn, opened its first location here at 4130 Northwest Expressway, Suite 106, on Nov. 20. The Edmond location will consist of 2,278 square feet of space. GMG Oklahoma LLC was represented in the transaction by Danny Ojeda with Sperry Van Ness/William T. Strange & Associates.