Gregory Harris, executive vice president for Marcus &Millichap Real Estate Investment Services in Encino, CA, says theacquisition is Redfern's first in the Tulsa area. Harris, whobrokered the transaction, adds that the buyer approached theseller, who had owned the multifamily properties a little more thanone year.
"It just so happened that his requirement with the exchangematched perfectly with the portfolio," Harris says. Redfern Trustwas turning around proceeds from the sale of two multifamily assetsin the Los Angeles area.
The collection consists of the 440-unit Foxfire Apartments at7324 S. Wheeling Ave.; 512-unit Bristol Park Apartments at 4414 S.Garnett Rd.; 216-unit Tower Crossing Apartments at 4404 S. 109thEast Ave.; and 384-unit Canyon Creek Apartments at 2102 E. 51st St.Occupancies range from 93% to 96%.
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