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TULSA, OK-A Bakersfield, CA company has plunked down $12.6 million for the class B Riverchase Apartments, its second asset in the city. The new owner plans to make only minimal upgrades to the 432-unit complex, which was built as student housing for nearby Oral Roberts University.

Chandler Wonderly, principal and co-owner of buyer Olympus Property, says one of the more unusual aspects of the 30-year-old asset at 7901 Riverside Dr. is it is all two-bedroom units, each 950 sf. The monthly rent is $530 per unit.

"In Tulsa, during the 1980s, what was built was a high percentage of one-bedroom apartments," Wonderly says. "This is one of the few two-bedroom assets and it has the lowest rent per sf in the entire submarket." He tells GlobeSt.com that another appeal for the 95%-occupied asset was an assumable loan, which carries a 4.99% interest rate and expires in 2015. Michael Case of Tulsa was the seller.