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.
Kola Investments, which acquired the properties in 1998, had spent $12 million to improve them since 2010, according to the filing. Improvements included new roofs and siding, windows, parking lots, interior flooring and HVAC units, IRT reported.
“He took really good care of his apartments,” apartment broker Mike Buhl said of the seller. Buhl, owner of Commercial Realty Resources Co. in Norman, said the buyer got the portfolio at a “really, really good price, less than the market commands right now.”
It came to an average price of $39,227 per unit. Buhl said that was pobably less than what three of the complexes, “Class A-minus” The Augusta, The Invitational and Windrush, would have fetched, but more than Raindance and Heritage Park would probably have brought.