SIA Partners Plans Exit With 1,373-Unit Sale

Three class B complexes in Greater Oklahoma City are being offered as a portfolio while a class A complex in Tulsa, the 360-unit Vintage on Yale at 5202 E. 81st St., is being marketed as a one-off. "The Oklahoma City portfolio is cross-collateralized, which is why it's being offered as one," Andy Burnett, adviser with Sperry Van Ness' Oklahoma City office, tells GlobeSt.com. He and Sperry Van Ness associate advisor David Burnett are selling the assets for a Houston-based owner, citing personal timing issues as motivation for the disposition.

The portfolio consists of the 368-unit Watersedge Apartments at 4317 SW. 22nd. St. and 157-unit Gardens at Reding at 3708 S. Douglas Ave., both in Oklahoma City, and the 488-unit Oxford Oaks Apartments at 1920 E. 2nd. Ave. in Edmond.

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

"We'd like to be under contract within 30 days and closed within 90 days to 120 days," Burnett says. "The Oklahoma City properties are in excellent condition and in excellent areas and the Tulsa one is one of the nicest properties in that city. I can't think of a better located or better built property in the market."

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.

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