OKLAHOMA CITY, OK—Capstone Apartment Partners has closed the $2.7 million sale of Taylor Ridge Apartments: a 54-unit apartment asset off Route 66 in West Oklahoma City.
Capstone’s David Dirkschneider, Mike Marrara, William Forrest, and Chris O’Hare sold the asset on behalf of Paratus Properties. The buyer is the Mental Health Association of Oklahoma, a nonprofit organization that provides resources related to mental health and homelessness. They plan to invest in significant capital expenditures on the property which will result in a nearly total rehab of the asset.
“The nonprofit buyer found Taylor Ridge to be in a perfect location to provide an opportunity to expand their holdings in the Oklahoma City area and to be able to provide more services. They are excited about renovating the property and providing a quality asset for both their clients and the community,” said Marrara.
Built in 1974, Taylor Ridge Apartments is comprised of studio, one-, and two-bedroom apartment homes with fully equipped kitchens, ceiling fans, wood-style flooring in wet areas, and window coverings. Community amenities include a leasing office, picnic/grilling area, and laundry facilities. Taylor Ridge was approximately 85% occupied at the time of closing.