TULSA, OK—Capstone Apartment Partners has closed the $3,608,000 sale of One Five Apartments: a 91-unit apartment community situated on three acres along East 15th Place in Tulsa’s Midtown submarket.
The Capstone brokerage team was led by Mike Marrara, David Dirkschneider, William Forrest, and Chris O’Hare. The buyer is Florida-based Pax Properties, who plans to upgrade unit finishes and exterior curb appeal.
“Pax Properties is a new-to-market buyer that recognized the potential of the location and the underlying value of this asset and felt it would be great first step in the Tulsa market,” said Marrara.
Built in 1962, One Five Apartments is comprised of one- and two-bedroom apartment homes with fully equipped kitchens. Select units have been upgraded with wood-style flooring, white cabinetry, new appliances, granite-style countertops, tile tub surrounds, and sleek brushed nickel light fixtures. Community amenities include a swimming pool, courtyards, and laundry facilities. One Five Apartments was approximately 90% occupied at the time of closing.