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Philadelphia investors pay near-record $77 million for Oklahoma City apartments

Gardner Tanenbaum Group sold Oklahoma City's 708-unit The Lincoln at Central Park complex, built in two phases in 2007 and 2009, to GoldOller Real Estate Investments, a 2-year-old fund affiliated with Philadelphia-based Multifamily Management Services, which dates to 1970.
by Richard Mize Published: May 1, 2012
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/articleid/3671383/1/pictures/1708583">Photo - Lincoln at Central Park apartments are shown Aug. 4, 2009.  Photo By David McDaniel, The Oklahoman Archives
Lincoln at Central Park apartments are shown Aug. 4, 2009. Photo By David McDaniel, The Oklahoman Archives

“We're very excited to be in Oklahoma City, which we consider to be exploding,” Hollinger said. “We are active in the market and are looking for other multifamily opportunities in the region.”

Tanenbaum said GoldOller was the standout of more than a dozen would-be buyers making offers on The Lincoln at Central Park in the six-week marketing period. It manages its apartment properties.

“Of all the offers, GoldOller had the best resume, and we feel certain that the residents of The Lincoln at Central Park will continue to enjoy the wonderful experience of the Lincoln and (its) motto since its inception, ‘Life is better at the Lincoln,'” Tanenbaum said. “

GoldOller assumed a $22.24 million Freddie Mac loan in acquiring phase 1, a 5.61-percent “10/1” note, meaning a fixed rate for 10 years, then adjustable for the remaining year — with an interest-only payback the first five years. It used cash and other financing to buy for phase 2.

“It was the best property we could sell at the best price, which we got,” said Tanenbaum, whose company developed and owns The Montgomery and Park Harvey, “boutique” apartments in former office buildings downtown, and The Classen, a former office tower turned condos and apartments on Classen Boulevard.

“I'm not telling you what I'm making, but I'll tell you I can get extra cheese on my Whopper now,” Tanenbaum said.

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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