OKLAHOMA CITY, OK—Capstone Apartment Partners has closed the $42.6 million sale of District on 119: a 241-unit Class A apartment asset in Oklahoma City between I-44 and I-35.
The Capstone Oklahoma brokerage team of David Dirkschneider, William Forrest, Mike Marrara, and Chris O’Hare sold the asset on behalf of Indianapolis-based SC Bodner Company. The buyer is Northstar Properties of Oklahoma City, who plans to update unit interiors and improve the community’s curb appeal.
“The market responded with several attractive offers on the property and the seller was able to go under contract before a call for offers date at a price that exceeded their expectations,” said Dirkschneider. “Ultimately, this transacted at a very strong cap rate in this submarket.”
“The buyers recognized the attractiveness of the location, with great schools, nearby retail, and easy access to jobs,” added Forrest.
Built in 2015, District on 119 is comprised of one-, two-, and three-bedroom apartment homes with wood-style flooring, granite countertops, black appliances, ceiling fans, garden tubs, large closets, washer/dryer in unit, and a patio or balcony. The garden-style community boasts best-in-class amenities including gated entry, a swimming pool, fitness center, clubhouse, picnic/grilling area, package lockers, and on-site management. District on 119 was 94% occupied at the time of closing.