FOREST PARK, OH-Oak Residential Partners LLC has purchased its first property, a 212-unit apartment complex here, for about $7.7 million from a special servicer. Mills Run Apartments, at 11755 Norbourne, is 90% occupied.

All State Management purchased the complex in August 2004 for $10.4 million. However, the company overleveraged the property, says Rick Wise, an Oak managing principal. His firm purchased the site through a short sale with LNR, with financing in the form of a 10-year fixed rate Freddie Mac loan arranged by Troy Kennedy with CB Richard Ellis Capital Markets. “We bought at above an 8% cap rate, with new debt below 5%. This property just throws off significant cash flow,” Wise says.

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