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Buyer Experience Nets 209 Units

OKLAHOMA CITY-The local investor beat out 17 other offers to buy the class B Lakewood Park Apartments for approximately $5 million.

By John McCloud | Updated on March 24, 2009

OKLAHOMA CITY-Lakewood Estates Apartment LLC’s experience and presence allowed it to beat out multiple offers for the 209-unit Lakewood Park Apartments. The buyer already owns and is rehabbing three other properties in the immediate neighborhood.

Lakewood Estates Apartment LLC bought the property at 7806 Lyrewood Lane from seller ORIX Capital Markets LLC for $5 million, with an additional $1.5 million budgeted for improvements. Sam Pettigrew, Elliott Carpenter and Todd Franks of the Cantrell Co. in Dallas represented the seller, which took back the property from its previous owner.

According to Pettigrew, the complex, situated on 20 acres, attracted 18 offers, including another for approximately the same price. “We went with the one we did because he was doing a 500-unit renovation next door,” Pettigrew tells GlobeSt.com.

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