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TULSA, OK-Adding to its already extensive portfolio holdings, a local investment company has teamed with a New York City-based equity partner to acquire the 224-unit Lincoln Glens Apartments in South Tulsa. The deal rang up $6.37 million at the closing table.

The seller is a limited partnership between Dallas-based Lincoln Property Co. and a local investor. The buyer is a partnership between Capital Assets Inc., spearheaded by Royce Wright of Tulsa, and NDC Capital Partners LLC in New York City. Lincoln Glens at 6732 S. Peoria pushes the local firm’s owned and managed portfolio to more than 4,300 units in the Tulsa area.

In a release describing the transaction, NDC Capital Partners says the 91%-leased complex and Tulsa multifamily market are an attractive investment because the supply line isn’t overloaded with new product. Additionally, market fundamentals are improving in the asset’s submarket so the partners are anticipating the complex will maintain a stable occupancy.

The release also noted the new owners will plan to upgrade the complex, which is NDC Capital’s bailiwick. Plans call for rehabbing the clubhouse and adding a business center. Capital Assets will manage and lease Lincoln Glens.

Built in 1982, Lincoln Glens consists solely of one-bedroom apartments. The rent is $475 to $680 per month. Calls to Capital Assets and NDC Capital were not returned by press time.

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