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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Richard Tanenbaum turned doubtful into dollars Monday — $77 million. He sold The Lincoln at Central Park, an apartment complex he built in a place dismissed by other developers.

Gardner Tanenbaum Group sold the 708-unit 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.

The Lincoln at Central Park is at 500 Central Park Drive, tucked into the southwest corner of Lincoln Boulevard at Interstate 44. But it isn't necessarily easily accessible from either, which is the main source of the site's questionable reputation for an apartment complex.

The sale price came to about $109,000 per unit — not a record price here but the highest since 2008 and the most for a single-property sale, and a sign Oklahoma City's newfound prominent position among secondary markets has the attention of investors with cash and good credit, meaning access to historically low lending rates of around 4 percent.

“It's a wonderful newer addition to our portfolio, the newest asset in our portfolio,” said Jake Hollinger, GoldOller's chief operating officer. Principals are Jeffrey Goldstein in New York and Richard Oller in Philadelphia.

The purchase seems to fit GoldOller's strategy for core investments as outlined on its website: the acquisition of well-located, fully leased multifamily, student and mixed-use properties with potential for capital appreciation and with good cash flow “for our more ‘conservative' investors seeking portfolio diversification and high yields ... without undue levels of risk.”

Hollinger said GoldOller was formed for acquisitions east of the Mississippi River. The parent company owns and manages some 30,000 apartment units mostly on the East Coast. But GoldOller recently acquired property in Kansas City as well as here.

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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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