X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OKLAHOMA CITY-Inland Real Estate Acquisitions Inc. has made a major play in the area, acquiring 1,325 class A units in Oklahoma City for $132 million. The Oak Brook, IL-based buyer’s deal with Legacy Communities represents one of the largest per-unit sales prices in the market.

The 303-unit Legacy at Arts Quarter at 301 N. Walker Ave. in Oklahoma City’s CBD has brought $129,033 per apartment, the most that has been paid in the state on a per unit basis. Also in the 92%-leased portfolio are the 396-unit Legacy Crossing at 3131 SW 89th St., 328-unit Legacy Woods at 1919 E. 2nd St. in Edmond, OK and 298-unit Legacy Corner at 777 N. Air Depot Blvd. in Midwest City, OK.

Terry R. Yormark II, an investment adviser with Sperry Van Ness in Arlington Heights, IL, says Inland already owns a nearby shopping center. “These properties are in close proximity to that center, which is a reason it attracted them,” Yormark says.

Yormark tells GlobeSt.com that the portfolio provides a good opportunity for income appreciation through rental increases and increased attention on the national scene. The NBA Oklahoma Thunder has come into the city, sealing its first win as an OKC team, and locally based Devon Energy is planning a one-million-sf headquarters project for the CBD.

“Inland has been active in growing marketplaces, especially those with strong economies,” Yormark says. “With everything going on in the energy and oil industries, the economies in Oklahoma City have held up very well, more than in other areas.”

The Legacy portfolio consists of one- and two-bedroom units, measuring from 700 square feet to 2258 square feet. Rents go from 69 cents per sf to $1.50 per square foot. The total acreage is 61.1 acres. Yormark says Inland paid cash for two assets and assumed HUD loans on the other two.

The local seller was represented by Sperry Van Ness adviser Andy Burnett and managing director Gary Gregory, both in Oklahoma City. Sperry Van Ness’ Oklahoma City managing director Tim Strange worked with Yormark on behalf of the buyer.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.