TwinRock Partners Pays $16.5M for Tulsa M-F Complex; Rogers State Breaks Ground on $11.5M Student Housing Project
By Gabriel Circiog, Associate Editor
TwinRock Partners acquired the Copper Mill Apartments in Tulsa, from Trinity Multifamily for $16.5 million theTulsa World reports.
Located at 7110 South Granite Ave., the 544-unit property was built in 1978 and extends across more than 24 acres. The property was purchased by Fayetteville, Ark.-based Trinity Multifamily in 2005 for $12.5 million, according to Tulsa County land records.
According to Raymond Lord of NAI Commercial Properties, who arranged the sale along with Benjamin Davis, Copper Mill wasn’t being actively marketed but Newport Beach, Calif.=based TwinRock was seeking properties in Tulsa. TwinRock plans at least $2.25 million in renovations and has selected Lynco Properties of Tulsa to manage the property.
In other real estate news, Tulsa World reports that Rogers State University has broken ground on University Village C, an $11.5 million student housing project that will be able to accommodate more than 300 students. Scheduled to open by fall 2015, it will become the third housing complex on campus and its 312 beds will bring campus housing capacity to more than 800.
According to RSU President Larry Rice, the new complex will help meet growing demand for on-campus housing. During the past three years, waiting lists for the available units has increased to around 150 students. The new three-story red-brick building will be located next to the two existing student housing compleses and will offer kitchen and laundry facilities on the main level. Common amenities will include a fire pit and gas grills. Each floor will also include three study areas and three lounges.
Photo Courtesy of: www.twinrockpartners.comTags: Acquisitions/Dispositions, Brokers, Conventional - Market Rate, Copper Mill Apartments, Developers, Development, economy, Finance/Investment, Investors, leasing, Local, Lynco Properties, Managers, multi-family, National, operations, Owners, Policy, Professional, property management, Property Type, Regional, Residential, Student, Trinity Multifamily, Tulsa-Oklahoma City Lead Story, TwinRock Partners, University Village C