Oklahoma City—Presidium Group LLC closed the deal for Willow Cliff Lakeshore Apartments in Oklahoma City, Oklahoma. The 396-unit multifamily community is located at 5304 Willow Cliff Road, 15 minutes northwest of downtown Oklahoma City, next to Dolese Youth Park and it represents the company’s first entry in the OKC real estate market. Common amenities include controlled access, a tennis court, two swimming pools and a covered parking, according to Yardi Matrix.
“We were able to acquire the asset at a discount to current market values, mitigating much of the execution risk, and Oklahoma City is a great natural expansion area as Presidium moves into new markets outside of Texas”, said Presidium’s Co-CEO John Griggs. The property was rebranded as Bridgepoint as common amenities will be enhanced and interiors will be improved.
According to Yardi Matrix, the sale price was $10.75 million, as Presidium was granted a $6.75 million loan by Warren Properties, the seller. Rent per unit is $565, a decreased value compared to last year’s figures.
This is the debut of Presidium’s aggressive acquisition campaign in OKC for 2016. The real estate company describes this market market as “very attractive” because of its economic and cultural status and proximity to the company’s other investment markets.
Presidium is a large multifamily owner and operator in Texas, having acquired and repositioned about 6,000 apartment units in the state’s major markets since 2013. Recently, the company also purchased Balcones Club in Austin, Texas and Villas on Forest Springs in Dallas, Texas.