Newspaper article THE JOURNAL RECORD

Oro Expands Tulsa Apartment Holdings with Double Purchase

Newspaper article THE JOURNAL RECORD

Oro Expands Tulsa Apartment Holdings with Double Purchase

Article excerpt

TULSA - Oro Capital Partners paid $11.2 million for a pair of neighboring Tulsa apartment complexes, Braden Creek and Park Place at Braden Creek.

The Los Angeles-based investment firm now manages more than 1,800 units in seven Tulsa properties, all of them acquired this year. Principal Steven Firtel said Oro intends to buy even more across the metro area.

"Between the principals of our group, we travel to the area every week or two," he said Thursday. "We can act very quickly."

Such travels played a role in how Oro closed on the 304-unit Braden Creek Apartments for $7.06 million, or $23,226 per unit, and the 138-unit Park Place at Braden Creek for $3.96 million, or $28,757 per unit, according to Tulsa County Courthouse records.

Aaron Hargrove, a partner in the multifamily property brokerage Berkadia, was studying possible buyers in June when he realized Oro executives just happened to be in Tulsa visiting their 40-plus management team. So he shared the opportunity with them, received positive interest and set up a California rendezvous the following week with the San Diego-based seller.

The sale might have closed soon after but for requirements to take over Fannie Mae notes held by former owners Braden Creek LLC and Park Place at Braden Creek LLC.

Oro assumed the remaining $5.1 million on the original $5.6 million note issued in January 2008 for Braden Creek, 4801 S. Braden Ave. Oro will pay $33,019 per month until that loan closes in February 2018.

For Park Place, 4838 S. Darlington Ave., Oro assumed the remaining $3.2 million principal on the $3.4 million note taken in December 2008. It will pay $22,814 a month through December 2018.

"I don't know if it was the fastest ever, but all the pieces fell into place perfectly," Hargrove said of the transaction.

Those sales prices fell on either side of the $28,005 average posted for pre-1980 Tulsa properties that sold in the first half of this year, according to a report by the Norman multifamily brokerage Commercial Realty Resources Co. …

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.