Newspaper article THE JOURNAL RECORD

Trinity Foundation Fails in Bid to Sell Apartments

Newspaper article THE JOURNAL RECORD

Trinity Foundation Fails in Bid to Sell Apartments

Article excerpt

Real estate brokers involved in the planned sale of 12 metro apartment complexes known collectively as the Trinity Foundation portfolio confirmed Monday that the latest effort to sell the apartments has failed.

Carl Edwards, managing partner of Price Edwards & Co. in Oklahoma City, said a local buyer that was in talks to take the 1,873 apartment units was unable to conclude the roughly $24 million deal's financing. The sought-after deal with Macco Properties had been expected to close by early August.

Brokers will now begin remarketing the property at a reduced list price, he said, in hopes of concluding a new deal by the end of the year.

"In regards to the Trinity properties, the sale did not close," Edwards said. "We knew we were being quite aggressive on the price. But we thought it would be worth the shot. It didn't work. So now we'll go back to a little bit lower price."

The Trinity portfolio, a collection of apartments held by the Dallas-based Trinity Foundation, were all expected to be sold this year after the apartments fell into receivership.

The portfolio includes the Candlewood Apartments at 481 Scott St. in Del City (260 units); the Autumn Glen Apartments at 759 Scott St. in Del City (248 units); the Grandville apartments at 747 N. MacArthur Blvd. in Oklahoma City (240 units); the Walker Place apartments at 7255 S. Walker Ave. in Oklahoma City (164 units); and the Park West apartments 1681 N. Donald Ave. in Oklahoma City (160 units).

Other apartments in the portfolio include the Brighton Place apartments at 7000 S. Walker Ave. in Oklahoma City (159 units); the Autumn Creek apartments at 6029 NW 10th St. in Oklahoma City (152 units); the Lakeside Village apartments at 6370 W. Wilshire in Oklahoma City (150 units); the Courtyard apartments at 7652 NW 10th St. in Oklahoma City (96 units); the Summerwood apartments at 2119 SW 39th St. in Oklahoma City (96 units); the Riviera Park apartments at 5101 N. Hales Dr. in Oklahoma City (80 units); and the Meadow Creek apartments at 616 SW 59th St. in Oklahoma City (68 units).

Not included in the portfolio is the Country Estates Apartments at 6500 NW 11th St. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.