OKLAHOMA CITY, OK — Capstone Companies has facilitated the successful $7,176,500 sale of Villas on 50th: a 114-unit garden-style apartment community constructed in 1969 and renovated in 1997. This 4.06-acre community offers spacious floorplans and high-end finishes in select units and is located in growing Oklahoma City, OK. The property is within walking distance to the largest Oklahoma-owned not-for-profit health system in the state, Integris Health, a 511-bed acute care hospital, and is also within a mile of interstate access, making most of Oklahoma City accessible within a short drive.
The Capstone transaction team was led by David Dirkschneider, William Forrest, Mike Marrara, and Chris O’Hare, who represented the seller, Prism Real Estate, through a fully marketed sales process. The Capstone team also procured the buyer, Cooper Street Capital.
While well maintained, the buyer plans to implement additional value-add to Villas on 50th by renovating the property and units to further enhance the community and reposition the asset to take advantage of the new nearby upscale development underway. The property features a number of community amenities, including a resort-style pool, picnic and gilling areas, and on-site laundry facilities in each building.
“The buyer was impressed with the potential of this property. The location is right in the middle of an upscale redevelopment boom that is happening in northwest Oklahoma City. They plan to take full advantage of this with a thorough and modern update of the property,” said Capstone Director, Mike Marrara.
Villas on 50th was approximately 83% occupied at the time of closing.
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