Real estate notes
City apartments sell for $2.05M
Philadelphia-based RRE Park Forest Holdings LLC bought distressed Park Forest Apartments, 4328 SE 46, on Auction.com in a sale handled by Mike Buhl of Commercial Realty Resource Co. and David Dirkschneider of Price Edwards & Co., who had a joint listing. Park Forest, with 216 units built in 1974, had been foreclosed on by LNR Partners as the special servicer for the lender. The sale price of $2.05 million came to $9,490 per unit. The property was 40 percent occupied at the time of sale. The buyer plans improvements to reposition the property. Park Forest has 164,256 square feet in 27 two-story buildings, a swimming pool and two laundries. The leasing office is in a separate single-story building. The buyer is an entity of Resource Real Estate Opportunity REIT, a real estate investment trust sponsored by Resource Real Estate Inc. The selling entity for the repossessing lender was MLMT 2005-CIP1 Complex at 46th LLC, which acquired title through foreclosure.
Training for green jobs offered
MIDWEST CITY — Free training for building thermography and photovoltaic system design and installation is being offered by East Central University at the Rose State College Professional Training Center, 1720 Hudiburg Drive, from 8 a.m. to 5 p.m. Tuesday and Wednesday. The training is designed for those interested in green jobs, energy efficiency and renewable energy. Applications of thermography include heating and cooling evaluation in buildings, insulation effectiveness, convection, ventilation issues, electrical loads, water leaks and more. The photovoltaic training includes system design, solar resource and site assessment tools, component selection, systems sizing calculations and basics of system installation. For more information or to enroll, call Bridget Forshay at (580) 559-5296 or send an email to firstname.lastname@example.org.
Builder finishes Shawnee casino
SHAWNEE — PENTA Building Group has completed Kickapoo Shawnee Casino, 38900 W MacArthur Road. “We successfully pushed this project through to the finish line,” said Mel Shore, superintendent for the builder, which has offices in Las Vegas; Reno, Nev.; Phoenix; Los Angeles; Palm Desert, Calif.; and Tulsa. “We had an aggressive 14-week schedule and are proud to have completed it on time and within budget.” The design-build casino, constructed with WorthGroup Architects, consists of a 12,600-square-foot pre-engineered metal building to house 300 slot machines, a bar and snack area. The property has back-of-house operations and surface parking. It was PENTA's first project for the Kickapoo Tribe of Oklahoma.
From Staff Reports