Inland Real Estate Acquisitions has purchased a portfolio of 1,325 apartments in four complexes in and around Oklahoma City for $132.1 million. At more than $99,700, the price per unit is one of the highest ever paid for a multifamily asset in the Oklahoma City market, according to the brokers on the deal.
Andy Burnett and Gary Gregory, both of Sperry Van Ness in Oklahoma City, represented the seller, Oklahoma City-based Legacy Communities. Representing the Chicago-based buyer were Tim Strange of Sperry Van Ness in Oklahoma City and Terry R. Yormark II of Sperry Van Ness in Arlington Heights, Ill. The portfolio closed at a cap rate of 7.13%.
The properties include Legacy Crossing and Legacy at Arts Quarter in Oklahoma City, Legacy Woods in Edmond and Legacy Corner in Midwest City. Legacy is owned and operated by Mike Henderson, who developed the portfolio of luxury apartment communities.
“This transaction shows a flight to quality, not only in our local market but across the country,” Burnett says. “Buyers are looking for first-class product and that is exactly what Mike Henderson has built with Legacy. From management to location this entire portfolio was done right and you see that in the purchase price.”
“This deal speaks not only to the stability of Oklahoma’s economy,” Strange says, “but the desirability of the local market to national investors.”