The property commanded such a high sale price this time around because of the strength of the downtown Oklahoma City real estate market, said Tim McKay, senior vice president for Hendricks-Berkadia. The nearby Level Urban Apartments is 100 percent leased with a waiting list.
“We think the momentum of downtown Oklahoma City will continue, and we will see rent increases as demand continues to grow,” McKay said.
The Deep Deuce is 99 percent occupied and features one- and two-bedroom units with an average rent of $1,083.
Steadfast also bought the 360-unit Montclair Parc Apartments in Oklahoma City for $35.7 million in August 2012 and the Spring Creek Apartments in Edmond for $19.3 million in March 2012.
We think the momentum of Downtown Oklahoma City will continue, and we will see rent increases as demand continues to grow.”
Senior vice president for Hendricks-Berkadia