Greystar Sells Oklahoma Student Housing Asset
- Nov 06, 2020
Greystar has sold One on 4th, a 475-bed, 190,472-square-foot student housing asset in Stillwater, Okla. Working on behalf of a private investor, Marcus & Millichap Capital Corp. has arranged a bridge loan for the recapitalization and purchase. According to public records, the buyer received $32.5 million in financing for the unrecorded transaction. The 36-month, non-recourse, interest-only loan was structured with an adjustable interest rate.
Built in 2019, the asset comprises studio, one-, two- and four-bedroom apartments, with washer/dryer units. Common-area amenities include a fitness center, clubhouse, swimming pool and business center. The building also has subterranean parking.
Located at 713 W. 4th St., on 2 acres, the community is within walking distance of Oklahoma State University. The surrounding area has several retail and dining options, including Rosewood Hills Shopping Center, which is 1 mile from One on 4th.
Marcus & Millichap’s Senior Managing Director Todd McNeill and Associate Director Jacob Rich secured the financing. Last month, Institutional Property Advisors, a division of Marcus & Millichap, facilitated the sale of The Destino, a 192-unit garden-style community in Grand Prairie, Texas.