TODAY’S DEALS: Weidner Makes Entry in Oklahoma with 324-Unit Purchase
ARA brokers the sale of a newly built asset in Oklahoma City; CBRE Global Investors grabs a 348-unit asset near Portland; and NorthMarq Capital finalizes a $12.4 million refinance.
Oklahoma City—Weidner Apartment homes may be one of the largest apartment owners in the country with 216 communities in its portfolio, but the company just entered Oklahoma with the purchase of Liberty Point. The 324-unit community is located in Oklahoma City, immediate southwest of Tinker Air Force Base, one of the state’s largest employers. ARA Oklahoma Principals Tim McKay and Brandon Lam represented the seller, local developer Dick Tanenbaum, in the transaction.
The asset traded for $37.3 million, or approximately $115,000 per door, a record sales price for suburban Oklahoma.
“This transaction presented a rare opportunity for Weidner to enter the market and acquire a core asset in an area with substantial economic growth and high barriers to entry,” Lamb says.
Liberty Point was completed in 2013. The Class A+ property features a coffee lounge, resort-style saltwater pool, a cabana with outdoor kitchen, basketball and volleyball courts, a gated pet area and a walking path the connects to the Oklahoma City Trail System. Granite countertops and brushed nickel hardware brings the unit specs up to match.
CBRE Global Investors grabs 348 units in Oregon
Tigard, Ore.—A fund sponsored by CBRE Global Investors has acquired Arbor Heights, a 348-unit community located nine miles south of Portland at 15199 SW Royalty Parkway in Tigard, Ore.
“With concentrations in technology, business, healthcare and trade, the Portland economy has continued to expand, passing its prerecession total employment in 2013 and outperforming the nation in terms of unemployment,” says Steve Gullo, managing director, CBRE Global Investors Multi-Housing Group.
The 96 percent occupied community with see a capital improvement program targeting deferred maintenance, curb appeal, interior features and common area amenities. Common upgrades include clubhouse modernization, a fitness center expansion and pool deck enhancements.
“We believe Arbor Heights is an ideal candidate for a repositioning through a comprehensive yet cost-effective capital upgrade program,” says Ben Green, director, CBRE Global Investors Multi-Housing Group.
NorthMarq finalizes $12.4M Freddie Mac refinance of property
Kansas City– Brent Blake, senior vice president and Kyle Tucker, vice president of NorthMarq Capital’s Kansas City based regional office arranged the $12.4 million refinance of Oak Tree Village Apartments, a 272 unit multifamily property located at 1595 South Old Orchard Lane in Lewisville, Texas.
The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Seller-Servicer relationship with Freddie Mac.