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OKLAHOMA CITY-A Los Angeles-based buyer has made its entry into the market, spending $16.8 million for the 800-unit Water Garden Apartments. The new owner plans to renovate the 35-year-old complex inside and out and rename it to Isola Bella Apartments.
Andy Burnett, investment adviser for Sperry Van Ness in Oklahoma City, says Albion Properties, also from Los Angeles, sold the 50%-leased Water Garden Apartments at 6446 N. Peniel Ave. because it is liquidating assets and leaving the real estate business. Burnett, who represented the seller with Janet Neman, associate partner with Hendricks & Partners' West Los Angeles office, says the sale to Accord Interests LLC was Albion's final disposition in the state.
"This was on the market for about a month. We had 11 offers during that time, four within the first week," Burnett says. "It was priced well, in a good area, and at 800 units, represented a way for someone to get into the Oklahoma City market quickly."
Burnett tells GlobeSt.com that Accord Interests' offer came with a short due diligence and a significant amount of earnest money. "He owns a few properties in Texas and is looking for more in Oklahoma if he can find the right opportunity," the broker says. He adds that Accord's executive team is looking for value-add plays, with most management and leasing handled in house.
Situated on 45.54 acres, Water Garden Apartments has one- and two-bedroom units ranging from 656 sf to 1,184 sf. The monthly rents are $350 to $619 in a submarket where the market is $375 to $678 per month. Burnett says the buyer plans to spend millions on the renovation for the repositioning plan.
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