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.