"We feel it's a strong economy there, not just Tulsa but Oklahoma in general," Anthony Wonderly tells GlobeSt.com about its aggressive interest in the Tulsa market. "Oklahoma is an untouched market by the institutional buyers. It still has a lot of opportunity to grow."

According to Wonderly, the buyer isn't planning any dramatic changes to the property, but will make improvements to individual units as they turn over. "As units become available, we'll put in an upgrade package," he says, spending anywhere from $300 to $1,500 per unit, depending on which upgrades make the strongest impact on the market in terms of demand and rents.

"We like to do a slow upgrade and see how the market drives changes," Wonderly explains. "We want to see what changes are most popular with tenants."

The buyer assumed an existing loan, which Wonderly says stretched the closing time. "We've been under contract for this one for quite awhile," he says. "The banks are making it tough right now."

Despite the struggle over financing, Wonderly says he and his brother continue to look for opportunities in the Tulsa and Oklahoma in general. "We're continuing to look at all times," he remarks. "We feel Oklahoma is a great place to invest."

With the sale, Somerset Partners has exited the Oklahoma market. Last year, the company sold its only other Sooner State property, the Deep Deuce at Bricktown, a four-story building at 314 N.E. 2nd St. in Oklahoma City, for $26.9 million.