Chicago-based Trilogy Real Estate Group has purchased the Villas at Bailey Ranch, a 408-unit apartment complex in Owasso, for $31.8 million.
Located at 8751 N. 97th East Avenue, the asset was acquired from Tulsa-based Case & Associates. The deal was the third Class A apartment transaction of $25 million-plus in the Tulsa area this year. Andy Burnett, David Burnett and Justin Wilson of Sperry Van Ness/William T. Strange & Associates arranged the transaction. Riverstone Residential Group will manage the property.
The property traded for $77,941 per unit at a 6.4% cap rate. David Burnett commented: “The sub-7% cap rate represented a strong price for the seller while the lower-than-average sale price per unit was enticing to the buyer. Both parties came out ahead in this transaction and the population growth in Owasso should lead to strong rental growth in the years ahead.”
Villas at Bailey Ranch complex consists of 180 one-bedroom apartments and 228 two-bedroom units and was built in three phases from 1998 to 2004. Residents have access to such upscale amenities as a swimming pool, a Jacuzzi, a fitness center and a picnic area with barbecue grills.
The property features 346,402 of leasable square feet and was approximately 95% occupied at time of closing. “There are only a handful of newer properties in Owasso and the arterial access and proximity to the golf course make Villas at Bailey Ranch well-positioned to continue 95% + occupancy,” said Andy Burnett.
Villas at Bailey Ranch is Trilogy’s second major multi-family purchase in the state of Oklahoma. The investor group also owns Villas at Countryside in Moore as well as apartment complexes in Colorado, Arizona and Minnesota.
Photo Courtesy of: www.villasatbaileyranch.com