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.

Burnett tells GlobeSt.com that JF Ardmore Associates ended up assuming the non-recourse loan, which carried a fixed-rate interest of less 5.25%. He adds the low rate for the existing debt attracted one other offer during a two-month marketing period. He says the lack of competition in a high-demand area held appeal for the buyer as well.

Stone Creek Apartments was 99% leased within one year of its opening. "This has been the only new property in Ardmore to come on line since the 1980s," Burnett explains. "It had the fastest lease-up I ever saw."

Situated on 10.4 acres, the 23-building Stone Creek Apartments was sold at a 6.78% cap rate. The mix consists of one-, two- and three-bedroom apartments, measuring from 632 sf to 1,231 sf. On an annual basis, rents range from $8.72 per sf to $11.11 per sf.