TULSA, OK—Capstone Apartment Partners has closed the $12.55 million sale of Avery Square and Avery Park: two 1960’s vintage, classic value-add assets in Tulsa, Oklahoma. Situated within a mile of one another, the two assets boast a superior location with incredible visibility off I-44 in Tulsa’s popular Midtown submarket.
Capstone’s Mike Marrara, Chris O’Hare, David Dirkschneider, and William Forrest sold the assets on behalf of Trident Multifamily, who is based in the Dallas-Fort Worth area. Trident completed over $2 million in total capital expenditures and renovated 75 unit interiors prior to listing.
The buyer is Denver-based Meliorem Capital, who has a CapEx plan of over $600,000 to improve curb appeal, landscaping, and building exteriors. They also plan to complete renovations on the 99 remaining classic units.
“The assets’ solid Midtown location, coupled with the recent upgrades that the seller had completed to numerous units, demonstrated the potential increased income with increased rents. The rental demand in the area is strong, allowing the buyer to plan an aggressive value-add program. Ultimately, we procured multiple offers and the seller was able to transact at a record price per unit for this vintage of property,” Marrara said.
Built in 1963 and 1965, respectively, Avery Square and Avery Park are comprised of 174 one-, two-, and three-bedroom flats and townhome-style apartment homes. Updated units feature marble-style countertops, black appliances, and ceiling fans. Community amenities include a swimming pool, clubhouse, picnic/grilling area, and laundry facilities. The two assets were 100% occupied at the time of closing.