(Read more on the multifamily market.)

OKLAHOMA CITY-Within months of its first acquisition in the city, an Omaha-based investor has bought the 294-unit Deep Deuce of Bricktown from New York City-based Somerset Partners. The $26.9-million trade is believed to be a new record for a multifamily sale in the CBD.

The plans for the 93.1%-leased Deep Deuce, located at 314 NE 2nd St., involve minimal upgrades and a long-term hold, says Jack Haley, owner of Haley Associates. “There’s a little deferred maintenance on it, but it’s not a value-add deal,” he tells GlobeSt.com. “This is a completed renovation deal that’s running very well.”

Haley says class A-minus and B-plus assets are his company’s core market, with little or no interest in value-adds. “The philosophy is pretty simple. Close on Monday and cash flow on Tuesday,” he adds.

Haley says Oklahoma City and other cities in the state are under consideration for future deals because the company prefers tertiary markets that aren’t particularly attractive to REITs and other institutional investors. The buyer also wants more in OKC to take advantage of economies of scale. In February, the company bought the 113-unit Garden Gate Apartments at 200 W. Union Bower Rd. in northwest OKC.

“It’s more effective management,” Haley says. Dial Equities, Haley Associates’ management arm, is handling leasing and management for both complexes.

Constructed in 2001 on 8.7 acres, Deep Deuce of Bricktown has one-, two-and three-bedroom units measuring from 515 sf to 1,345 sf. Rents range from $590 to $1,125 per month.

Jordan Cortez, Mike Girard and Brian O’Boyle with Apartment Realty Advisors’ Dallas office represented Somerset Partners. Mike Buhl of Commercial Realty Resources in Norman, OK negotiated the deal for Haley Associates.

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