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Greystar likes shine on Oklahoma City apartments, buys 2

South Carolina-based Greystar Real Estate Partners entered the Oklahoma City metro multifamily market with a $71 million purchase of two of the four Legacy apartment complexes.
by Richard Mize Modified: August 2, 2013 at 9:45 pm •  Published: August 2, 2013

The nation's largest manager of apartments has bought two of the four Legacy complexes and plans to rename them.

Charleston, S.C.-based Greystar Real Estate Partners paid $71 million for 396-unit Legacy Crossing, 3131 SW 89, built in 2001; and 328-unit Legacy Woods, 1919 E Second St. in Edmond, built in 1999. Legacy Crossing will be renamed Avana 3131. Legacy Woods will be renamed Avana on Second.

The seller was Inland American Real Estate Trust Inc., based in Chicago, which acquired all four Legacy properties in 2008. Inland still owns Legacy at Arts Quarter, 301 N Walker Ave. downtown, built in 2007; and Legacy Corner, 777 N Air Depot Blvd. in Midwest City, built in 2004.

Mike Henderson developed the Legacy apartments between 1999 and 2007.

The portfolio sale was negotiated by multifamily brokers Andy Burnett and David Burnett of Newmark Grubb Levy Strange Beffort.

“This is another solid vote of confidence in the economy of Oklahoma City. Greystar is one of the premier operators in our industry and having them in Oklahoma City further validates our rise,” Andy Burnett said.

The brokers did not break down the purchase price by property, but $71 million for the 724 apartment homes in both Legacy Crossing and Legacy Woods comes to $98,066 per unit.

Wes Fuller, executive director of Greystar, said Oklahoma City has a lot to offer for an apartment investor-manager. He said Greystar is looking for more apartments to buy in Oklahoma.

“Greystar is very excited about making our first investment in Oklahoma City. We are attracted to the healthy economy of the city, particularly the tremendous economic benefits of the domestic energy sector and the importance of Oklahoma City within this growing industry. We intend to grow our multifamily platform in Oklahoma as an investor and as a third-party property manager,” Fuller said.

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by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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