In a $51.2 million deal, Haley Real Estate Group has acquired a portfolio of four multi-family properties that includes Park Place Apartments, a 223-unit complex in Oklahoma City. Also included in the sale were Oakbrook Apartments in Jackson, Miss., The Hamlins at Cedar Creek Lake near Dallas/Fort Worth and Nantucket Harbor in Shreveport, La.
Located at 215 NE 28th St., Park Place is adjacent to the State Capitol and is 10 blocks north of the University of Oklahoma Health Sciences Center. The four-story property features one-, two-, and three-bedroom units and is slated for a major renovation this year.
The purchase by Omaha, Neb.-based Haley expands its portfolio by around 1,000 units, bringing its holdings to 44 properties and more than 10,000 units. The company also plans to implement a $12.4 million capital improvement program for its new assets.
“Building our portfolio with strategic investments is a high priority in today’s current markets,” commented Doug Hastings, senior vice president of property management for DEI Communities, Haley’s property management affiliate. “We are committed to growing our brand while simultaneously providing residents with a comfortable living environment to call home. We believe the planned renovations to each property will not only deliver measurable ROI but will provide a greater sense of community to our residents and the thriving neighborhoods where our properties are located.”
Photo Courtesy of: www.parkplaceokc.com