TAHLEQUAH, OK—Capstone Apartment Partners announces the $12 million sale of a 160-unit apartment portfolio located in the heart of Tahlequah, Oklahoma. At $75,000 per unit, this transaction sets a record price per unit for this submarket.
Capstone’s Mike Marrara, Chris O’Hare, David Dirkschneider, and William Forrest sold the portfolio on behalf of The O Group Properties. The buyer is Minden Hillside Apartments, who plans to complete interior and exterior upgrades to the properties.
“The community of Tahlequah proved to be a surprisingly robust rental market. Northeastern State University, the Cherokee Nation Health Center and Hospital, OSU’s Medical School, and the Cherokee Nation are drivers that are leading to growth and strong demand within this city of less than 20,000 residents,” said Marrara.
The Portfolio is comprised of four 1990’s–2010’s vintage apartment assets: East Gate Inn, Savannah Townhouses, South Gate Inn, and Shawnee Terrace. The properties have been exceptionally well maintained and offer attractive unit mixes including one- and two-bedroom garden-style and townhome units. The four assets were 100% occupied at the time of closing.