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JV Adds 424-Unit Complex for $17M in OK Drive

TULSA-A group from Bakersfield, CA buys Somerset Park, its third purchase in a year in the city and supposedly the largest multifamily sale to date this year in the state.

By John McCloud | Updated on July 08, 2008

TULSA-Somerset Partners LLC of New York City has sold the 424-unit Somerset Park at Union apartments for $17 million. The listing broker claims it’s the largest multifamily sale in the state so far this year.

The 98%-leased complex at 9416 E. 65th St., which opened in 1984, features a mix of one- and two-bedroom townhouses and loft-style units in 16 buildings. Rents range from $470 to $669 per month for units of 700 sf to 1,050 sf.

The Somerset Park deal was brokered by Aaron Hargrove, an associate partner with Hendricks & Partners’ new Tulsa office. According to Hargrove, Somerset offers an ideal location in the active 71st Street retail corridor.

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