VVT Management Inc. paid $3.2 million to Baltimore-based Municipal Mortgage & Equity LLC for the 72%-leased high-rise and plans to invest another $8.5 million to renovate it. "On the surface, the price per unit they paid for the building is well below the market averages for a high-rise residential. But the building would likely be classified as in fair condition, at best, at the time of sale," says Jason Little, senior adviser in the Oklahoma City office of Sperry Van Ness. He and Sperry Van Ness adviser Andrew Burnett and managing director Gary Gregory represented the seller.

Little says the new owner will replace the entire HVAC system, which has boilers and chillers that are more than 50 years old. Also on tap are electrical and plumbing renovations and exterior facade work.

Although it requires a substantial renovation, the 15-story Lakeview Towers attracted many investors because there are not many high-rise residences in the city. "This is an important part of the Oklahoma City skyline and there are only a handful, if that, of high-rise residential buildings in Oklahoma City. They're somewhat of a rare commodity," Little tells GlobeSt.com.