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Two remaining Legacy apartments sell in Oklahoma City

South Carolina-based buyer plans to rename the properties and renovate clubhouses, pool areas, landscaping and some interiors.
FROM STAFF REPORTS Published: August 30, 2013
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Greystar Real Estate Partners has closed on the second half of its purchase of the four Legacy apartment complexes in Oklahoma City, paying $80.5 million for two more properties.

Charleston, S.C.-based Greystar paid $48.75 million for 303-unit Legacy Arts, 301 N Walker Ave., built in 2007; and $31.7 million for 298-unit Legacy Corner, 777 N Air Depot Blvd. in Midwest City.

Greystar's acquisitions here began earlier this month, when it paid $38.53 million for 396-unit Legacy Crossing, 3131 SW 89; and $32.6 million for 328-unit Legacy Woods, 1919 E Second St. in Edmond.

The seller was Inland American Real Estate Trust Inc.

Changes eyed

Andy Burnett and David Burnett, multifamily brokers with Newmark Grubb Levy Strange Beffort in Oklahoma City, handled the portfolio transaction.

Greystar plans to rename the apartments: Legacy Woods to Avana on 2nd, Legacy Crossing to Avana 3131, Legacy Corner to Avana Midwest and Legacy Arts to Avana Arts District. Greystar also plans renovations to the clubhouses, pool areas, landscaping and select interior finishes.

Drawn to market

Several positives attracted Greymark to investing in property in Oklahoma City, said Clay Wolford, senior director of investments.

“We feel that Oklahoma City has a compelling growth story with its heavy presence of companies in the growing domestic energy space, the significant amount of civic investment being made through the city's public-private partnership, and its growing and diverse employer base,” Wolford said.