TODAY'S DEALS: ARA Breaks State Record with Oklahoma Sale
ARA brokers a $77 million sale in Oklahoma; Hendricks & Partners negotiates a $38.5 million sale on behalf of TIC sellers; and Sterling University Housing sells a 122-unit community in Ohio.
Oklahoma City, Okla.—ARA has brokered the sale of The Lincoln at Central Park Apartments, a 708-unit community located in Oklahoma City, Okla. The Class A asset carried a price tag of $77 million, which represented the new state record for a single asset multifamily sale.
“This was an excellent investment opportunity—an established property in a solid market,” says Brian O’Boyle, principal at ARA. “We had a tremendous amount of interest in The Lincoln at Central Park because Oklahoma City has finally come into its own. The city itself has seen a 15 percent increase in population over the past 10 years and downtown real estate property values have increased 8.5 percent since 2000.”
The Lincoln at Central Park was developed and built by the seller, Gardner Tanenbaum Group, in two phases: 276 units in 2007, and 432 units in 2010. The community sits on 50 acres. Units average 1,008 square feet in size.
Hendricks & Partners negotiates $38.5M sale on behalf of TIC sellers
Phoenix—Hendricks & Partners announced the sale of Alanza Place, located at 1121 North 44th Street in Phoenix. The 360-unit apartment community was sold for $38.5 million.
Built in 2002, Alanza Place is a Class A property featuring 191 one-bedroom, 161 two-bedroom, and eight three-bedroom units. The asset features a prime infill location, close to the 202 and 143 freeways, near Phoenix Sky Harbor International Airport, downtown Tempe, downtown Phoenix, and Scottsdale. Interior amenities include crown molding; nine- and ten-foot ceilings; built-in computer workstations; rounded corners; dual-paned windows; ceramic tile / oval tubs; prewiring for security alarms; and scenic views of Papago Park Golf Course, Camelback Mountain, and The Papago Buttes. Townhome-style units feature attached garages. Community amenities include a clubhouse, game room, fitness center, business center, and a pool with spa.
The seller was a group of Tenant In Common owners represented by Passco Companies LLC.The buyer was FSC Realty LLC, a California limited liability company of Beverly Hills, Calif. The transaction was negotiated by Mark Forrester and Ric Holway of the Phoenix office of Hendricks & Partners on behalf of the seller.
Sterling sells 422-bed asset near Univ. of Cincinnati
Cincinnati, Ohio—Sterling University Housing, the student housing division of The Dinerstein Cos., has sold Sterling McMillan, a 122-unit, 442-bed community located in Cincinnati, Ohio. The asset was picked up by M&A Real Estate Partners for an undisclosed amount.
Sterling McMillan was 95 percent occupied at the time of sale. Both parties of the transaction were represented by CB Richard Ellis’ National Student Housing Group. Sterling University Housing had acquired the property in 2009.