Oklahoma’s Largest Community Changes Hands
- Jul 05, 2017
Brookwood Village, the largest community in the state of Oklahoma, traded for $60.5 million. ARA Newmark worked on behalf of the seller—Case & Associates—according to Yardi Matrix data. Weidner Apartment Homes, a real estate investment and management company, purchased the 1,128-unit asset that last traded 18 years ago for $31.3 million, or $27.704 per unit.
Located at 9401 South Shartel Ave., the property is less than four miles from the junction between interstates 240 and 35, approximately 11 miles from downtown Oklahoma City and within a 12-minute drive from the Will Rogers World Airport. Planet Fitness, Goodwill and other major retailers border Brookwood Village.
Built in 1970 and renovated extensively in the mid 1990’s and again in 2015 and 2016, the garden-style property features 120 studios, 460 one-, 540 two- and eight three-bedroom units. Apartments range from 564 square feet to 1,200 square feet. Amenities include nine swimming pools, six tennis courts, a fitness center, basketball and volleyball courts, a 20-acre park and 1,332 parking spaces. The property features 108 two-story buildings.
“Oklahoma City is enjoying a trend of unprecedented interest in multifamily investments and this closing is another significant indicator of the metro’s strong economic fundamentals. Brookwood’s location and the fact that it is quality workforce housing drove investor demand, particularly with the opportunity for its value-add potential and upside in rents,” said ARA Newmark Senior Managing Director Tim McKay, in a prepared statement.
Senior Managing Directors David Burnett and Brandon Lamb, along with Associate Justin Wilson, were also part of the team that represented the seller in this transaction. Weidner Apartment Homes purchased the property at approximately 94 percent occupancy and currently owns nearly 50,000 units in both the U.S. and Canada.
Images courtesy of Yardi Matrix