Oklahoma Apartments Change Hands
- Nov 06, 2018
Timberland Partners has acquired The Renaissance at Norman, a 228-unit apartment community in Norman, Okla. The purchase was funded by a reuse of equity through the 1031 tax-deferred exchange process through Timberland Partners Fund IV.
“It is a very clean property that was well taken care of by the previous owner,” Brad Swenson, Timberland Partners’ acquisitions specialist, told Multi-Housing News. “Renaissance at Norman is a Class-A apartment community with upside potential with both the management/operations and a value-add opportunity with additional unit renovations.”
The company’s portfolio now consists of 70 communities totaling 13,802 units in 14 states, with the Renaissance at Norman acquisition being the third in Oklahoma and the seventh in 2018.
Located at 1600 Ann Branden Blvd., the property offers a mix of one-, two-, and three-bedroom units that have been recently renovated to include gourmet kitchens, 9-foot ceilings, stainless steel appliances, in-unit washers and dryers, as well as attached and detached garages.
Common area improvements include an updated clubhouse, a state-of-the-art fitness center and yoga room, an outdoor resort-style pool, an outdoor kitchen and fire pit, grill/picnic areas, a tennis court and a dog park.
“The acquisition opportunity was sourced off-market and it has a good story which is something that we look for when looking at a new opportunity,” Swenson said. “As a result of a slowdown in development, the market is seeing an increase in demand and the Norman apartment market shows signs of growth characteristics and trends. The market trends coupled with Timberland managing the property is where we see an opportunity to add value to the property long-term.”
Easy Access to Oklahoma City
Originally built in 1999, the Renaissance at Norman Apartments is well located just off Highway 9, a few miles from the University of Oklahoma, with easy access to Interstate 35 to downtown Oklahoma City.
“The location and quick access to I-35 provides abundant shopping, dining, and entertainment options,” Swenson said. “The immediate area continues to see new commercial/retail development including a new Starbucks, Aldi Grocery, and Chick-fil-A nearby.”
The company anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multifamily real estate market.
N&M Brokerage Services’ Allan Murow and Colliers International’s Ed Fleming represented the seller in the deal.
In August, Timberland Partners sold Legacy Crossing, a 408-unit community in Omaha, Neb., to Vukota Capital Management for $24.5 million.
Image courtesy of Timberland Partners