TULSA, OK-Westport on the River, 1 682-unit garden apartment complex here, has been purchased by Sterling American Property Inc. III LP on New York in joint venture with Dallas-based BH Management Services Inc. The two firms will co-manage the property, which marks the JV’s first acquisition in the Tulsa market. Seller JC&P Investments pocketed $21.9 million in the deal.

“Although this is our first real estate acquisition in Oklahoma, we are very upbeat about the multifamily market in the entire Texas/Oklahoma region,” says W. Jeff Smith, vice president of acquisitions for Sterling American Property. “Westport on the River presents an exciting opportunity for us to add value to a property in a picturesque setting, with most apartments overlooking the Arkansas River.”

Sterling’s Charles Skolnick and Francisca Awong of the firm’s acquisition team assisted the buyers in the transaction while William A. Cole of Duncan, OK-based Cole Investments represented the seller.

Average rents at Westport on the River range from $405 per month for a 460-sf one bedroom to $780 per month for a 988-sf, two-bedroom, two-bath apartment. Average rent is $535.

“The Tulsa economy is steady, Smith adds. “The apartment rental market at year-end 2001 reflected a 2% rent growth over the prior year and an overall occupancy rate of 92% in the Tulsa MSA. There is no new residential construction planned or under way in the area at present, so all signs point to Westport on the River as an excellent real estate investment opportunity for the Sterling American Property family of funds.”

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