Newspaper article THE JOURNAL RECORD

Commentary: Recent Apartment Deals Represent Value Increase

Newspaper article THE JOURNAL RECORD

Commentary: Recent Apartment Deals Represent Value Increase

Article excerpt

This was a big week for the Oklahoma City commercial real estate market and apartment sector as the two largest deals of the year thus far were completed. The first was Philadelphia-based GoldOller Real Estate Investments' near record-breaking $77 million purchase of the Lincoln at Central Park apartments located at Lincoln Boulevard and Interstate 44. Gardner Tanenbaum Group sold the property for a hefty price of $109,000 per unit. The second deal was California-based Steadfast Income REIT Inc.'s $35.7 million purchase of the Montclair Parc Apartments in south Oklahoma City. The REIT purchased the property from Case & Associates for a price of $99,305.

What really stands out about both transactions is the price per unit. Following the recession, the market saw average prices on Class A apartment properties fall back to a level between $70,000 and $80,000 per unit. That was down somewhat from the transactions that earned prices of more than $90,000 and $100,000 per unit prior to the recession. …

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