(Read more on the multifamily market.)

ARDMORE, OK-A little more than one year after completion, the147-unit Stone Creek Apartments has been sold to a Valencia,CA-based investment group for $13.9 million. The 99%-leased complexopens a new market for the buyer.

Andy Burnett, adviser for Sperry Van Ness in Oklahoma City, saysthe developer, Stone Creek Apartments LLC, put the complex at 3501N. Commerce St. up for sale to refuel its till for another projectthat is going to break ground soon. He says Valencia, Calif.-basedOld Republic Exchange Facilitator Co., which acted as intermediaryfor JF Ardmore Associates LLC, ended up with the asset because it"offered a good price, had a good resume and the Sperry Van Nessbroker from our Long Beach office vouched for him." Burnett teamedwith Sperry Van Ness adviser Gary Gregory to represent the sellerand David Pinsel in the Long Beach, CA office represented thebuyer.

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