Oklahoma City Rentals Trade in One of City’s Largest Apartment Deals of the Year
admin / August 2019
Dallas Firm Sells Bridgepoint Apartments for $22 Million
A 397-unit apartment complex in Oklahoma City sold for $22 million, or about $56,000 per unit, ranking it among the Midwest city’s priciest apartment deals of the year so far.
New York-based Cedar Grove Capital acquired the community, dubbed Bridgepoint Apartments, from Dallas-based Presidium Group, which originally acquired the complex in 2016.
Located at 5304 Willow Cliff Road, Bridgepoint offers a mix of one-, two- and three-bedroom floorplans, ranging in size from 725 to 1,505 square feet. Bridgepoint was built in 1974.
The Bridgepoint sale is one of the priciest apartment deals in the Oklahoma City metropolitan area so far this year, according to CoStar data. The top deal currently belongs to the 708-unit Lincoln at Central Park complex, which sold to Kirkland, Washington-based Weidner Property Management LLC for $81.6 million, or about $115,000 per unit.
Oklahoma City’s multifamily market has continued to make positive strides. Apartment sales volume is currently on pace to surpass $400 million for the third consecutive year, thanks to an increasing presence of out-of-state buyers.
Much of this volume can be attributed to an increased presence from out-of-state investors. Representing close to 70% of the transactions in 2018 and the top 10 trades of the year in terms of volume, non-Oklahoma buyers’ involvement is expected to increase with the continued re-development of the downtown as well as opportunities for high-yield investments.”
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