Investment Firm Caps Off Banner Year With Purchase of Four Oklahoma Apartment Buildings
admin / January 2022
Investment Firm Grew Its Business By 74% in 2021
Vesta Capital closed out 2021 with the purchase of four apartment buildings in Oklahoma to cap off a banner year for the firm.
The company, a real estate investment firm that targets multifamily properties in Oklahoma and Arkansas, paid a total of $100.4 million to acquire the four properties from different sellers. The acquisitions added 1,270 apartments to Vesta’s portfolio, which now totals more than 8,500 units.
The purchases also push Vesta’s total acquisitions in 2021 to more than 3,600 units, representing a 74% growth in its business, the company said.
“Historically multi-family, particularly in markets like Oklahoma City & Tulsa have performed well even during recessions,” Marc Kulick, founder and managing member of Vesta Capital and Vesta Realty, said in a statement. “In our mind, there will always be a need for people to provide quality housing.”
Vesta said it plans to carry the momentum into the new year, as it already has three apartment buildings under contract to close in the first quarter of 2022.
In Oklahoma City, Vesta closed on a deal with Houston’s Juniper Investment Group to buy the 400-unit Drexel Flats at 8800 S. Drexel Ave. The garden-style property was built in 1983 off Interstate 44 and just south of Oklahoma City Community College. It last traded in 2017, when Juniper bought it for $19.3 million, according to CoStar data.
Vesta in December also completed a deal with Juniper to acquire The Ridge, a 278-unit complex located about 8 miles east of Oklahoma City in Midwest City. Juniper had paid $9 million in 2018 for the property at 3834 N. Oak Grove Drive before completing the sale last month.
About 14 miles north of Oklahoma City in Edmond, Vesta bought the new Lofts at North Penn that opened in 2019 at 15501 N. Pennsylvania Ave. The seller was Oklahoma City’s Tribune Capital, which had just paid $23.05 million for the 192-unit complex last November.
And in Tulsa, the firm struck a deal with Case & Associates to acquire the 400-unit Riverpark at Kensington that opened in 1982 at 7803 S. Wheeling Ave.