TULSA, OK—Capstone Apartment Partners has closed the $4.3 million sale of Atlanta Terrace Apartments. The 102-unit community is situated on 3.74 acres off Interstate 44 in the Midtown area of Tulsa, Oklahoma.
Capstone represented the seller, Atlanta Terrace Apartments LLC, and procured the buyer, Trident Multifamily. Atlanta Terrace is Trident’s fourth asset in their Tulsa MSA portfolio. They plan to invest over $600,000 in the property within the next 12-15 months, focusing on curb appeal, deferred maintenance, and light interior upgrades. They also plan to add four additional units in what is currently an underutilized building on the property. Additionally, the asset will be rebranded as The Heights @ Midtown.
The Capstone Apartment Partners transaction team was led by managing directors David Dirkschneider and Mike Marrara.
“The buyer really liked the location of Atlanta Terrace as they own assets nearby in this submarket and believe this location will be complimentary to their other properties. They also liked the asset’s spacious townhome-style floorplans, which are always a desirable unit type in this market,” noted Marrara.
Built in 1978, Atlanta Terrace is comprised of studio, one-, and two-bedroom apartments and was approximately 93% occupied at the time of closing. The community features a swimming pool, playground, and laundry facilities. Each apartment home includes a fully equipped kitchen, ceiling fans, and spacious closets.