First Commercial Real Estate Services Corporation is pleased to announce the sale of the Pines at Southridge Apartments in Tahlequah, Oklahoma. The property was purchased by Chicago Inland Empire LLC. This is the investment group’s first multifamily acquisition in Oklahoma although they have multiple holdings in several states covering a broad scope of property types. The Seller was Pines at Southridge LLC. The managing member has holdings in Oklahoma, Kansas, Missouri, Arkansas, Tennessee, Mississippi and Alabama.
The property is a 312 unit, two-story garden property constructed in four phases beginning in 2001 and finishing with the last unit being brought on-line in 2013. The property is located in the prestigious Southridge addition in south Tahlequah which contains homes ranging from $150,000 to well over $1,000,000. The neighborhood has a state-of-the-art elementary school built in 2011, a city park, a new fire station and nine acres slated for retail development. The property and addition are located directly across Muskogee Avenue from a large tract of land and golf course that has talk of an impressive resort and casino in the near future.
There are 28 two-story residential buildings containing 271,760 sq. ft., a large clubhouse and administrative building and a large shop and
maintenance building. The property consists of 28 studio units with 650 sq. ft., 44 one bedroom units with 650 square feet, 60 one bedroom units with 770 sq. ft., 148 two bedroom units with 925 sq. ft., 16 two bedroom units with 950 sq. ft. and 44 three bedroom units with 1,025 sq. ft. Average rent is approximately $600. The occupancy at closing was approximately 94%. Property and unit amenities include a large clubhouse with exercise and tanning facilities, two large swimming pools, washers and dryers provided in every unit, very large kitchens, large green areas and very low density.
The property sold for $16,800,000 or $53,846 per unit. The transaction was handled by Pam Nicolini at First American National Accounts in San Francisco, CA in cooperation with Marcia Chappelear at First American Title in Oklahoma City. Dick Sudduth with First Commercial Real Estate Services Corporation was the only broker involved in the sale.
For More Information:
Vice President Operations
First Commercial Real Estate Services Corporation
8301 East 74th Place
Tulsa, Oklahoma 74133