A Triumphant Return

By Currin, Darren | THE JOURNAL RECORD, February 19, 1999 | Go to article overview

A Triumphant Return


Currin, Darren, THE JOURNAL RECORD


When Nevada-based TYBA Investment acquired the $49.8 million Equity Residential Properties Trust portfolio of apartment complexes last October, it not only represented a significant investment in the market, but it also marked the return of the nation's fifth largest management company to the metro area.

Seattle-based Pinnacle Realty Management was hired by TYBA to handle leasing and management for the 1,657 units they acquired, making Pinnacle the largest third-party management company in the local market.

"We view Oklahoma City as a perfect place for investment, and Pinnacle as the best team to work with," says TYBA principal Mark Patterson. "The city's steady job growth and relatively small amount of new construction makes it quite attractive. And by teaming with a property management firm with as much experience as Pinnacle, we're convinced we can realize each property's significant upside potential." TYBA and Pinnacle's current portfolio consists of the 197-unit Augusta, the 344-unit Invitational, the 452-unit Heritage Park, the 504-unit Raindance and the 160-unit Windrush in Edmond. Pinnacle also manages the 142-unit Southern Slope apartments in Tulsa. After a five-year absence in the local market, Rick Graf, regional president for Pinnacle, believes Oklahoma City's multifamily market has changed immensely, "with a dramatic improvement in the opportunities for investors." "Once again, a lot of people are talking about investing here," he says. From his view as an outsider, Graf thinks Oklahoma City apartment properties have often been overlooked by national investors and management companies. "We felt there were some good opportunities to buy properties in the market that were undervalued by a lack of management," says Graf. "Rental rates can be increased in this market and value can be added to these properties." Mike L. Buhl, the president of Commercial Realty Resource in Norman who brokered the TYBA acquisition, believes Pinnacle's return to the market is going to have a strong effect on multifamily property rental rates. "They are introducing new leasing and management concepts that they have used in larger markets such as Dallas," says Buhl. "Their aggressive management is going to help in pushing up rental rates even further. …

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