Newspaper article THE JOURNAL RECORD

Sunnyview Owner Pays $3.6M for Ashwood Apartments in Oklahoma City

Newspaper article THE JOURNAL RECORD

Sunnyview Owner Pays $3.6M for Ashwood Apartments in Oklahoma City

Article excerpt

A Colorado-based multifamily property owner has made another investment in the Oklahoma City market.

Ashwood Partners LLC of Grand Junction, Colo., has purchased the Ashwood Apartments, 3451 SE 44th St., for about $3.6 million, or $22,853 per unit. This is the second property the company has purchased, with Sunnyview Apartments at 4502 Sunnyview Dr. being its first entrance into the market. It purchased Sunnyview for $4.1 million in 2010.

Mike Buhl with Commercial Realty Resources Co., based in Norman, handled the sale. He said the company's original purchase in the market has proved to be a good investment.

"They just refinanced their loan on that," he said. "It has gone up significantly in value since they bought it."

Built in 1972, the Ashwood Apartments are a Class C property. The complex has a total of 126,452 square feet in 25 two-story buildings.

Buhl said the company was interested in the property because of its proximity to Sunnyview.

"It made a lot of sense for him to have two properties close together," he said. …

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