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

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.

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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