VVT Management Inc. paid $3.2 million to Baltimore-basedMunicipal Mortgage & Equity LLC for the 72%-leased high-riseand plans to invest another $8.5 million to renovate it. "On thesurface, the price per unit they paid for the building is wellbelow the market averages for a high-rise residential. But thebuilding would likely be classified as in fair condition, at best,at the time of sale," says Jason Little, senior adviser in theOklahoma City office of Sperry Van Ness. He and Sperry Van Nessadviser Andrew Burnett and managing director Gary Gregoryrepresented the seller.

Little says the new owner will replace the entire HVAC system,which has boilers and chillers that are more than 50 years old.Also on tap are electrical and plumbing renovations and exteriorfacade work.

Although it requires a substantial renovation, the 15-storyLakeview Towers attracted many investors because there are not manyhigh-rise residences in the city. "This is an important part of theOklahoma City skyline and there are only a handful, if that, ofhigh-rise residential buildings in Oklahoma City. They're somewhatof a rare commodity," Little tells GlobeSt.com.