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Oklahoma City apartments change hands in $65 million deal

An owner in New Jersey recently sold five Oklahoma City metro-area apartment complexes totaling 1,658 units for an average of $39, 227 per unit.
by Richard Mize Modified: March 15, 2014 at 10:00 pm •  Published: March 15, 2014
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Five metro-area apartment complexes totaling 1,658 units changed hands in a $65 million portfolio deal that attracted little attention because it apparently was a one-off transaction.

No brokers were involved.

IRT OKC Portfolio Owner LLC, a subsidiary of Philadelphia-based Independence Realty Trust Inc., bought the 1980s properties from Kola Investments LLC of Pennsauken, N.J., county records show.

The properties are:

•Heritage Park, 453 units at 12044 N Pennsylvania Ave. with a separate property operated under the same name at 12200 Heritage Park Place, built in 1984.

•Raindance Apartments, 504 units at 2201 NW 122 built in 1985.

•The Invitational, 344 units at 3959 NW 122 built in 1982.

•The Augusta, 197 units at 4001 NW 122 built in 1985.

•Windrush Apartments, 160 units at 200 W 15th St. in Edmond, built in 1984.

IRT paid $19,138,865 cash and assumed a loan balance of $45,861,134, according to a securities regulatory filing. RAIT Residential, an IRT affiliate, took over management.

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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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