A couple of pretty significant developments hit the multifamily sector this week, one local, one national, both connected at 12205 S Western Ave. — the address of brand-new Traditions at Westmoore.
The paint is barely dry at Traditions at Westmoore, a 160-unit, 12-floor plan apartment complex. The $13 million property was developed by ERC Cos. of Barling, Ark., and it’s already for sale. The asking price: $17.75 million.
Seems steep to some, since apartment values are based on income and the property isn’t nearly full yet, or even stable (90 percent). Broker Aaron Hargrove, who has the listing, said the offering assumes stable occupancy by August.
Another broker, not involved with the offering, was doubtful partly because of another new complex under way nearby, District on 119.
Traditions at Westmoore is leasing and District on 119 is preleasing — that’s some 400 new units less than a half mile apart. The uninvolved broker guessed it would take nine months or more for Traditions to reach stability. But he said he would be glad to be proven wrong.
Hargrove, a partner and director with Hendricks-Berkadia’s Tulsa office, is sure he will be. That part of south Oklahoma City is hot for distinctive apartment living, he said, especially with housing demand in Moore and the Moore school district resulting from the May 20, 2013, tornado.
Everyone finds a way to spin location positively, but property manager Riverstone Residential Group, based in Dallas, has a lot to capitalize on at Traditions at Westmoore, which shares a property line with Westmoore High School, 12613 S Western. Riverstone also used a word not often seen even in the most gushing press releases: “fanatical.”
“Riverstone Residential Group has been selected by the ERC Companies to be fanatical of the needs of each and every client,” Riverstone said.
And, suddenly Traditions at Westmoore has new management. Charleston, S.C.-based Greystar Real Estate Partners bought Riverstone Residential this week from London-based CAS Capital Limited. The acquisition gives Greystar more than 385,000 apartment units under management — including hundreds in Oklahoma.
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