Newspaper article THE JOURNAL RECORD

California Trio Pays $2.89M for East Tulsa Apartments

Newspaper article THE JOURNAL RECORD

California Trio Pays $2.89M for East Tulsa Apartments

Article excerpt

A trio of California investors paid $2.89 million for the 132- unit Willowbend Apartments in east Tulsa.

Willowbend Properties LLC paid $21,893 per unit to the Donald L. O'Brien Trust for the 94,122-square-foot complex built in 1974 along 5 acres on S. 31st Street just west of U.S. Highway 169.

"This is their first entry into the Tulsa market," said NAI Tulsa Listing Agent Raymond Lord, who represented both the buyer and seller with NAI team member Max Heidenreich.

Lord said the three parties that make up Willowbend Properties own "a multitude" of other properties in the Los Angeles basin.

"They are looking into a couple of other assets here," he said.

The sale price fell 23 percent below the $28,549 average paid for pre-1980s properties during the first half of this year, according to the Tulsa market midyear report by Commercial Realty Resources Co. But the listing price of $27,083 per unit, $3.57 million overall, also fell below the pre-'80s midyear average in Tulsa. …

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