Quail Landing sells for $21.5M
RAIA Properties of Ramsey, N.J., paid $21.5 million to Praedium Group of New York and Olympus Properties of Dallas for 216-unit Quail Landing Apartments, 14200 N May Ave., in a transaction handled by brokers Tim McKay and Aaron Hargrove of Hendricks & Partners. The price came to $99,537 per unit and was a 36 percent increase from when it last sold 20 months ago.
Hargrove said the increase is a result of improved management and marketing, as well as strong rent and multifamily revenue growth in Oklahoma City generally. “We had a ton of interest in this property. Nine very qualified and capable buyers were competing for this,” he said. “It's really pretty remarkable. Buyers are more aggressive in our market than ever before.”
Garbanzo Grill leases space
EDMOND — GMG Oklahoma LLC, the Oklahoma franchise developer for Garbanzo Mediterranean Grill, has leased space for its second metro-area cafe in Spring Creek Shopping Center at 15th and Bryant in Edmond.
The “fast casual” restaurant plans to open in March. GMG, led by Oklahoma City native and Buffalo Wild Wings franchisee Ed Lynn, opened its first location here at 4130 Northwest Expressway, Suite 106, on Nov. 20. The Edmond location will consist of 2,278 square feet of space. GMG Oklahoma LLC was represented in the transaction by Danny Ojeda with Sperry Van Ness/William T. Strange & Associates.
Skyscraper design places third
Design experts from McLean, Va.-based Science Applications International Corp., through its wholly owned subsidiary SAIC Energy, Environment & Infrastructure LLC in Oklahoma City, recently placed third in SuperSkyScrapers' competition to design a hotel tower and sky garden space.
The competition “sought to achieve an inspirational, high-quality hotel development concept that set a new standard of urban and contemporary high-rise building design” in the Manhattanville neighborhood of New York City. Mauro Dallabattista of Oklahoma City was SAIC's director of design and team. SAIC Energy, Environment & Infrastructure is the former Benham Cos.
Mortgage loan profits rise
Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $2,465 on each loan originated in the third quarter, up from $2,152 per loan in the second quarter, according to the Mortgage Bankers Association.
“Both purchase volume and refinancing volume increased in the third quarter, resulting in higher net production profits among independent mortgage bankers,” said Marina Walsh, the association's vice president of industry analysis. “Secondary marketing gains improved by 14 basis points over the second quarter. However, per-loan expenses remained flat despite higher volumes.”