TULSA, OK—Capstone Apartment Partners has closed the $6.8 million sale of Meadowbrook Apartments in the Saratoga-Oakbrook Village Submarket of Tulsa, Oklahoma. The 117-unit asset is conveniently situated off the junction of I-244 and US 169, offering easy access to downtown.
Capstone’s David Dirkschneider, Mike Marrara, William Forrest, and Chris O’Hare sold the asset on behalf of Houston-based Mazoch Capital and procured the buyer, OKC-based Elkhorn Capital Partners, who now controls over 2,000 units in the state of Oklahoma between Oklahoma City and Tulsa. Elkhorn plans to correct minor deferred maintenance on the property, paint the buildings’ exteriors and improve curb appeal, and continue renovating unit interiors.
“Elkhorn Capital Partners was interested in the property as it fit well with other recent acquisitions in our market. The property has been consistently a strong performer in the submarket and they recognized the potential,” said Mike Marrara.
Built in 1968, Meadowbrook Apartments is comprised of studio, one-, two-, and three-bedroom apartment homes with fully equipped kitchens, energy-saving appliances, ceiling fans, and 3” blinds. Upgraded units feature wood-style flooring, new countertops, and brushed nickel fixtures. Community amenities include a swimming pool, playground, laundry facilities, and ample green space. Meadowbrook Apartments was approximately 92% occupied at the time of closing.