Haley Buys Five Apartment Properties for $64M
- Oct 03, 2014
Omaha, Neb.—Haley Real Estate Group has acquired five apartment properties for a total of $64.3 million. They are the Woodscape Apartments and Forest Lake Apartments in Newport News, Va.; Fox Run Apartments in Broken Arrow, Okla.; Pryor Creek Apartments in Pryor, Okla.; and Meadow Walk Apartments in Arkansas City, Kan.
The Omaha-based company plans to invest an additional $3.4 million for capital improvements to the properties, which feature a combined total of 1,028 units. The addition of the properties increases Haley Real Estate Group’s portfolio to 46 apartment complexes representing 11,380 units in 13 states.
Woodscape Apartments and Forest Lake Apartments, both in Newport News, Va., total 296 units, and are close to City Center at Oyster Point, a newly revived mixed-use district. The properties will undergo interior and exterior renovations to landscaping, pools, parking lots, and paint. The units at Forest Lake will also be fitted with new appliances as part of the capital improvement plan.
Haley is renaming Fox Run as Hickory Grove Apartments, which totals 160 units in Broken Arrow, Okla. The property will benefit from various interior renovations, including new appliances and countertops, as well as extensive exterior upgrades to the parking lot and pool.
The 156-unit Pryor Creek Apartments in Pryor, Okla., has 24 unfinished units that will be brought to rent-ready status before the end of the year. Haley Real Estate Group will invest in upgrades to the property’s pool, parking lot, and building exteriors. The 120-unit Meadow Walk Apartments in Arkansas City, Kan., will see kitchen flooring and lights upgraded, along with the building exteriors and parking lots.