Newspaper article THE JOURNAL RECORD

West Coast Calling: San Diego Trust Pays $16.9 M for Tulsa Apartments

Newspaper article THE JOURNAL RECORD

West Coast Calling: San Diego Trust Pays $16.9 M for Tulsa Apartments

Article excerpt

Gaines Investment Trust of San Diego paid $16.9 million Wednesday for the 288-unit Riverside Park Apartments.

The trust, operated by Don Gaines and his son, Jeff, also paid $1 million for 7.3 adjacent acres of vacant Arkansas River land.

The 8.6-acre Class A apartment complex at 7700 Riverside Dr. is the only one on the west side of that popular thoroughfare, giving Riverside Park exclusive rights to claim waterfront units on that bank of the Arkansas River. It lies just north of the riverfront development started just over a year ago with the RiverWalk Crossing shopping center in Jenks and spreading restaurant developments on the Tulsa side of the Arkansas.

Built in 1994, the 235,584-square-foot residential facility was the last of four Tulsa apartment properties put on the block from the Equity Residential Tulsa Multifamily Portfolio, which Commercial Realty Resources Co. listed for sale at $78.7 million. Last month Case and Associates paid $37.2 million for the other three - Wellsford Oaks, Brittany Square and One Eton Square.

Riverside had been listed at $21 million, equating to $72,917 a unit or $89.14 a square foot. Gaines paid about $56,680 a unit for the complex, or $71.74 a square foot.

This represented the second sale of a 1990s-built Tulsa complex this year, after Wellsford Oaks - which was the first since 2003. Riverside didn't quite match the 2003 transaction's $62,079 average unit price, according to the 2005 Tulsa multifamily market report by Aaron Hargrove of CRRC's Tulsa office. However, the Riverside price far surpassed the $38,200 average unit price paid for Wellsford Oaks. Both soared above the overall 2005 average unit price of $28,433, as recorded by Hargrove.

It's a fabulous location, he said of the riverfront complex, noting the deal offered another indication of Tulsa's resurgent marketplace. We've had five or six sales now that were below 7 caps. …

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