(Read more on the multifamily market.)

ARDMORE, OK-A little more than one year after completion, the 147-unit Stone Creek Apartments has been sold to a Valencia, CA-based investment group for $13.9 million. The 99%-leased complex opens a new market for the buyer.

Andy Burnett, adviser for Sperry Van Ness in Oklahoma City, says the developer, Stone Creek Apartments LLC, put the complex at 3501 N. Commerce St. up for sale to refuel its till for another project that is going to break ground soon. He says Valencia, Calif.-based Old Republic Exchange Facilitator Co., which acted as intermediary for JF Ardmore Associates LLC, ended up with the asset because it “offered a good price, had a good resume and the Sperry Van Ness broker from our Long Beach office vouched for him.” Burnett teamed with Sperry Van Ness adviser Gary Gregory to represent the seller and David Pinsel in the Long Beach, CA office represented the buyer.

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