TULSA OK—Capstone Apartment Partners announces the $3.3 million sale of a 27-unit boutique apartment portfolio in Tulsa, Oklahoma. The portfolio is comprised of two small luxury assets: The Bostonian and Black Oaks Apartments, which were 93% occupied at the time of closing.
The Capstone Oklahoma brokerage team of Mike Marrara, David Dirkschneider, William Forrest, and Chris O’Hare sold the two assets on behalf of the seller, Paper Vest I & II, LLC.
“The seller incorporated modern and open design in the complete renovation of these two properties. This, combined with the locations in trendy, upcoming neighborhoods, helped us push the value and ultimately generate an offer at a record-setting price for properties of this vintage in these submarkets,” said Marrara, the lead broker on the deal.
The buyer is WHM Hospitality, who plans to build out additional units in The Bostonian and continue renovating units at Black Oaks Apartments. Additionally, they plan to convert select units to short-term rentals.
Situated at 1620 S Boston Ave just blocks from Downtown, The Bostonian was built in 1935 and fully renovated this year. The asset is comprised of six spacious one-bedroom apartment homes featuring hardwood floors, tiled walk-in showers, washer/dryer, and gourmet kitchens with stainless steel appliances, granite countertops, and tile backsplashes.
Built in 1968 and was renovated this year, Black Oaks is located at 2519-2523 E 10th St near the University of Tulsa’s campus. The asset comprises 20 one-bedroom units and one two-bedroom unit. Each apartment home features hardwood-look floors, tiled walk-in showers, washer/dryer, and gourmet kitchens with stainless steel appliances, quartz countertops, and subway tile backsplashes.