Three class B complexes in Greater Oklahoma City are beingoffered as a portfolio while a class A complex in Tulsa, the360-unit Vintage on Yale at 5202 E. 81st St., is being marketed asa one-off. "The Oklahoma City portfolio is cross-collateralized,which is why it's being offered as one," Andy Burnett, adviser withSperry Van Ness' Oklahoma City office, tells GlobeSt.com. He andSperry Van Ness associate advisor David Burnett are selling theassets for a Houston-based owner, citing personal timing issues asmotivation for the disposition.

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The portfolio consists of the 368-unit Watersedge Apartments at4317 SW. 22nd. St. and 157-unit Gardens at Reding at 3708 S.Douglas Ave., both in Oklahoma City, and the 488-unit Oxford OaksApartments at 1920 E. 2nd. Ave. in Edmond.

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Burnett says the properties have assumable loans. There is a$20.6-million loan with a 5.58% fixed-rate interest resting againstthe Vintage on Yale. The cross-collateralized package carries a$38.49-million loan at a 3% interest rate. He says the portfolio'sassumable loan most likely will generate a lot of interest, whichhas already been evidenced with inquiries from local privateinvestors, REITs and institutional buyers.

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"We'd like to be under contract within 30 days and closed within90 days to 120 days," Burnett says. "The Oklahoma City propertiesare in excellent condition and in excellent areas and the Tulsa oneis one of the nicest properties in that city. I can't think of abetter located or better built property in the market."

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The 1980s-era portfolio is 90% occupied. It has studios, one,two and three-bedroom units measuring from 375 sf to 1,013 sf.Rents range from $446 to $490.

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The 95%-leased Vintage on Yale, built in 2000, has one, two andthree-bedroom units from 708 sf to 1,351 sf. Its rents go from $700to $1,159 per month.

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