OKLAHOMA CITY-The Daily Oklahoman reports that, in acquiring a national multifamily property portfolio from Inland American Real Estate Trust Inc., Greystar Real Estate Partners has set some local price records. Specifically, the South Carolina buyer paid $161,000 per unit for the 303-unit Legacy at Arts Quarter and approximately $106,000 per unit for the 298-unit Legacy Corner in Midwest City.
In addition to acquiring Legacy at Arts Quarter at 301 N. Walker and Legacy Corner at 777 N. Air Depot Blvd., Greystar earlier this month was busy in Edmond, OK, paying approximately $97,000 per unit for the 396-unit Legacy Crossing at 3131 SH 89 and about $99,000 per unit for the 328-unit Legacy Woods at 1919 E. Second St. The article says Greystar is repositioning its new buys under the Avana brand name.
“The price per unit for Arts signifies the strength of the downtown multifamily market,” explained OKC-based Newmark Grubb Levy Strange Beffort David Burnett in the article. “Arts has experienced 6 percent average rent growth each year since 2008 with the occupancy never dipping below 95 percent. All four properties are performing very well as is the multifamily market as a whole.”
The four OKC-area multifamily properties were part of a larger, two-phase portfolio deal in which Greystar paid $460 million to Inland American for 14 apartment complexes totaling 4,271 units throughout Dallas, Houston, Louisville, KY and San Antonio, in addition to Oklahoma City.
“We are excited with the opportunity as the portfolio of stable, income producing properties fits well within our investment strategy of acquiring assets with strong existing cash flow at values below replacement cost and in markets experiencing significant employment and population growth,” says Wes Fuller, Greystar's executive director of investments in a statement. “We believe the assets are positioned to perform well driven by extensive renovation and operational enhancements planned by our team.”
Click here to read more about the Oklahoma City buys.
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