Four-Complex Apartment Portfolio Trades Hands

Nearly 1,000 dwelling places traded hands this month when a Tulsa-based property management firm purchased a portfolio of four local apartment complexes.
Capital Assets Inc., which manages 5,040 units in the Tulsa MSA, in partnership with Moriah Real Estate Company, purchased the Sand Dollar on the River Apartments ($7,476,600), Hunter Creek Apartments ($6,948,750), Arbors of Southern Hills ($3,995,900) and Lakewood Apartments ($4,568,750) under various operating entities for a total sales price of $22.95 million.
Gary Krisman of Tooman Partners LLC represented the buyer, and Aaron Hargrove, Tim McKay and John Clayton of Hendricks Partners represented the seller in the transaction.
Financing was arranged by Evans Rector, PowerOne Financial, through Metropolitan Capital Advisors, Alliant Capital LLC and SpiritBank.
Greg Wright, VP of Capital Assets, said he saw the purchase as a chance to turn around currently under-performing properties, and that the purchasing group plans to sink a total of $3.1 million in renovations and interior upgrades into the properties.
“The Sand Dollar property was particularly attractive to us because of its positioning and its close proximity to the river,” he said. “It has been underperforming, so we plan to improve the amenities in each unit and to beautify the property to add curb appeal. We’re also planning to add washer/dryers to all the units and update the interiors. The Arbors of Southern Hills is also an underperforming asset, but it has large, open floor plans, and we feel like we can really improve upon that property.”

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