Newspaper article THE JOURNAL RECORD

Sunnyview Apartments in Oklahoma City Sold for $4.1M

Newspaper article THE JOURNAL RECORD

Sunnyview Apartments in Oklahoma City Sold for $4.1M

Article excerpt

A troubled apartment complex near Tinker Air Force Base that is part of an ongoing federal lawsuit against real estate investor Lew McGinnis has been sold for $4.1 million after struggles with low occupancy.

The Oklahoma limited liability company Sunnyview Partners LLC purchased the 224-unit Sunnyview Apartments complex at 4502 Sunnyview Dr. on Dec. 20. Mike Buhl, president of Norman-based Commercial Realty Resources Co., handled the sale negotiations.

"Sunnyview had really suffered from absentee ownership and management that caused the decline in occupancy and operations," Buhl said in an e-mail.

Sunnyview was 51 percent occupied at closing. However, Buhl believes the new owners of the complex will be able to turn the place around quickly because it offers larger floor plans and more amenities than other nearby complexes that are comparable. Most complexes in Sunnyview's submarket are between 89 percent and 95 percent occupied.

Built in 1974, the complex has a wet bar, sauna and two swimming pools. New roofs were added to all of the units in 2009.

The buyer assumed a modified existing loan on the property for $3.7 million with a 2.5-percent interest rate, Buhl said, and also will begin making about $600,000 worth of improvements to the property.

Oklahoma City attorney David Kennedy, the registered agent for Sunnyview Partners LLC, could not immediately be reached for comment on Thursday.

The Securities and Exchange Commission sued the previous owners of the complex, Utah-based Madison Real Estate Group, in 2008 and appointed a receiver to take over the real estate investment firm's various commercial properties. In court documents, the SEC claims Madison was run as a Ponzi scheme that reaped at least $15 million from the fraudulent sale of limited partnership interests in the apartments to at least 42 investors. …

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