Investors buy apartments
STILLWATER — Investors in Fort Smith, Ark., have bought Forty North Apartments from longtime developer-owner Jack Coleman, who built the 300-unit complex at 1815 N Boomer Road between 1970 and 1976. John Baxter and Cliff Cabaness, under the name Forty North Properties LLC, paid $5.5 million, or $18,833 per unit, for the apartments in a transaction handled by Mike Buhl of Norman-based Commercial Realty Resources Co.
The brokerage, which took the listing after Forty North had been on the market for over a year, had it under contract within 30 days, Buhl said. The buyers plan to spend up to $600,000 for cosmetic improvements and landscaping and will rename the property, which is less than a mile from the Oklahoma State University campus.
“It is rare to find a seller who has owned a property for over 40 years,” Buhl said. “The seller had taken exceptional care of the property, doing recent capital improvements that included all new roofs, windows, siding, water heaters and HVAC.”
Erker to serve on commission
Rodger Erker, broker-manager of McGraw Realtors in Tulsa, has been appointed to the Oklahoma Real Estate Commission, serving on a board of seven members that grants real estate licenses and regulates certain aspects of the real estate business in Oklahoma.
Erker has held many positions in the business, including 1994 Oklahoma Association of Realtors president, 1997 Oklahoma Realtor of the Year, 1989 and 2012 Greater Tulsa Association of Realtors president and 1996 National Association of Realtors regional vice president. In 2003, he was awarded an Oklahoma Association of Realtors Life Membership.