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OKLAHOMA CITY-Within months of its first acquisition in the city, an Omaha-based investor has bought the 294-unit Deep Deuce of Bricktown from New York City-based Somerset Partners. The $26.9-million trade is believed to be a new record for a multifamily sale in the CBD.

The plans for the 93.1%-leased Deep Deuce, located at 314 NE 2nd St., involve minimal upgrades and a long-term hold, says Jack Haley, owner of Haley Associates. "There's a little deferred maintenance on it, but it's not a value-add deal," he tells GlobeSt.com. "This is a completed renovation deal that's running very well."

Haley says class A-minus and B-plus assets are his company's core market, with little or no interest in value-adds. "The philosophy is pretty simple. Close on Monday and cash flow on Tuesday," he adds.