Gregory Harris, executive vice president for Marcus & Millichap Real Estate Investment Services in Encino, CA, says the acquisition is Redfern's first in the Tulsa area. Harris, who brokered the transaction, adds that the buyer approached the seller, who had owned the multifamily properties a little more than one year.
"It just so happened that his requirement with the exchange matched perfectly with the portfolio," Harris says. Redfern Trust was turning around proceeds from the sale of two multifamily assets in the Los Angeles area.
The collection consists of the 440-unit Foxfire Apartments at 7324 S. Wheeling Ave.; 512-unit Bristol Park Apartments at 4414 S. Garnett Rd.; 216-unit Tower Crossing Apartments at 4404 S. 109th East Ave.; and 384-unit Canyon Creek Apartments at 2102 E. 51st St. Occupancies range from 93% to 96%.
The complexes, built between 1977 and 1981, contain one, two and three-bedroom units measuring from 500 sf to 850 sf. Rents are $379 to $650 per month.
Harris tells GlobeSt.com that the new owner will make some upgrades to most common areas and units, adding rent increases are likely for the future. The plan is to hold the assets long term.
"What attracted them to the Tulsa market is that it has historically been stable," Harris says. "He looked at a lot of the market research available and what he discovered was that projected rent growth over the next several years in Oklahoma, particularly in Tulsa, will be strong."
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