(Read more on the multifamily market.)

TULSA, OK-A Bakersfield, CA company has plunked down $12.6 million for the class B Riverchase Apartments, its second asset in the city. The new owner plans to make only minimal upgrades to the 432-unit complex, which was built as student housing for nearby Oral Roberts University.

Chandler Wonderly, principal and co-owner of buyer Olympus Property, says one of the more unusual aspects of the 30-year-old asset at 7901 Riverside Dr. is it is all two-bedroom units, each 950 sf. The monthly rent is $530 per unit.

“In Tulsa, during the 1980s, what was built was a high percentage of one-bedroom apartments,” Wonderly says. “This is one of the few two-bedroom assets and it has the lowest rent per sf in the entire submarket.” He tells GlobeSt.com that another appeal for the 95%-occupied asset was an assumable loan, which carries a 4.99% interest rate and expires in 2015. Michael Case of Tulsa was the seller.

The acquisition is Olympus’ second in one month. It paid $8.6 million for the 240-unit South Port Apartments at 6326 S. 107th East Ave., which is about 11 miles southeast of the 25-acre Riverchase Apartments.

Wonderly says he likes the fundamentals of Tulsa and Oklahoma in general, especially for multifamily investments. Although the volatile credit markets are putting the brakes on the company’s investment in the near term, Wonderly says expansion is definitely in its future. “We like any multifamily asset that comes with a decent return on investment,” he stresses. “We’ll look at everything.”

The transaction was brokered by CB Richard Ellis principals David Forrest and William Forrest and first vice president Eva Willis, all in Oklahoma City. Olympus Property will manage the asset.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.