Village at Quail Springs fetches $21.45 million

Post
Investment Group LLC purchased the Village at Quail Springs, 14520 N.
Pennsylvania Ave., from Village at Quail Springs LLC.

Andy
Burnett and David Burnett with Sperry Van Ness/William T. Strange &
Associates handled the transaction. It is the largest apartment sale in the metro
this year to date, and bested last year’s top per-unit price paid for a multifamily
property.

“There were
only two Class A apartment properties that traded in 2011, and both sales
reflected an average price per unit of about $73,000,” David Burnett said. “Village
at Quail Springs traded slightly higher at $77,700 per unit which can be
attributed to the newer age of construction and quality location.”

The buyer
was Los Angeles-based Post Investment Group, and this was its first purchase in
the northwest Oklahoma City submarket.

“The buyer
was attracted to Village at Quail Springs because of its highly desirable
location within the Quail Springs retail corridor,” Burnett said. “The
buyers do not currently own in the immediate submarket and believe in the long-term fundamentals of Oklahoma City.”

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