Haley and Associates purchased the 230,812-square-foot, 274-unit apartment tower from Virtu Investments. Andy Burnett and David Burnett, investment advisors with Sperry Van Ness/William T. Strange & Associates, handled the transaction.
Built in 1967, the 24-story tower located within OKC's central business district is one of only six high-rise apartment buildings located in Oklahoma City. The central business district employs over 51,000 people within a 3-mile radius.
"Because there are only 1,300 apartment units, downtown Oklahoma City has the tightest rental market in the state, with occupancy hovering around 96 percent. There is a real demand for affordable rental housing options in downtown Oklahoma City," said Andy Burnett.
Burnett added that the new owners plan on a complete retrofit of the first and fourth floors.
"The fourth floor is where the pool is located, and they plan on making some nice upgrades there," Andy Burnett said. "They will move the rental office from the fourth floor to the first floor."
In 1995, extensive renovations were completed to the multifamily property due to damage caused by the bombing of the Alfred P. Murrah Federal Building. In 2009, a new roof was installed. At time of sale, the complex was at 95 percent occupancy.
"We ended up closing this transaction for $1,000,000 above our asking price. The fact that this was accomplished in this difficult economy really speaks to the strength of the downtown Oklahoma City market," said Andy Burnett.
Burnett added there was a significant amount of interest in the property from all over the country.
"The buyer was the picture-perfect buyer. They did everything they said they would do when they said they would do it. That's unusual in this market," said David Burnett.