OKLAHOMA CITY, OK—Capstone Apartment Partners has closed the $7.25 million sale of The Eleanor: a 111-unit garden-style apartment community in the Pennington 10 neighborhood of Oklahoma City. The asset is conveniently located near some of Oklahoma’s most significant thoroughfares, which provide easy access to all the area’s premium retail, amenities, and major employers.
Capstone’s David Dirkschneider, William Forrest, Mike Marrara, and Chris O’Hare sold the asset on behalf of F4 OKC1, LLC. The buyer is 1 Sharpe, who owns several nearby assets within the submarket. They have rebranded the property as The Vines at Eleanor and plan to update units and community curb appeal.
“The Eleanor was a stable, value-add property and this was only the second time in 51 years that the asset was on the market. The longevity of the management and the extremely low turnover rates made this a very attractive acquisition for the buyer. Within days of being on the market, we were able to achieve record pricing, based on vintage, for the seller,” said Dirkschneider.
Built in 1970, The Eleanor is comprised of one- and two-bedroom apartment homes with wood-style flooring, fully equipped kitchens, fireplaces, ceiling fans, and a patio or balcony. Select units feature sunken living rooms and include washer/dryer. Community amenities include two swimming pools, a courtyard, and laundry facilities. The Eleanor was 93% occupied at the time of closing.