TULSA, OK—Capstone Apartment Partners has brokered the $1,769,000 sale of Yale Manor: a 48-unit, LIHTC apartment asset in Tulsa’s North submarket. The all-brick property is situated off Interstate 244 adjacent to Yale Park.
Capstone’s Mike Marrara, David Dirkschneider, and William Forrest sold the property on behalf of Abbey Road Apartments, and procured the buyer, EHH Real Estate LLC & Vernon Family Trust.
“We appreciate the Capstone team’s diligence and patience in closing the property. They kept us informed of the progress throughout the entire process and assisted with all of the negotiations,” said Doug Baggett of Abbey Road Apartments.
EHH Real Estate LLC & Vernon Family Trust plans to upgrade the unit interiors with new flooring, appliances, and finishes. Additionally, they plan to improve the grounds and common areas, including building out community amenities and a landscaped courtyard.
Yale Manor was built in 1971 and was approximately 77% occupied at the time of closing. The community’s unit mix is comprised of 48 one- and two-bedroom apartment homes with fully equipped kitchens, wood-style flooring, and window coverings.