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Colliers International Oklahoma Brokers Sale of 544-Unit Apartment Complex
Colliers International’s Oklahoma Multifamily team has brokered the sale of the 544-unit Pinehurst Apartments for $16.7 million. This is the largest single Multi-Housing property sold in 2011.
Pinehurst Apartments, located at 12301 N. MacArthur Blvd. in Oklahoma City, was purchased by RealSource Equity Services, LLC. RealSource plans to complete exterior improvements immediately.
“We designed a custom marketing plan for the seller,” said Colliers’ Managing Director Gary Gregory. “Our research team reviewed market data and recognized Pinehurst’s occupancy and rents were lagging the market. We then made recommendations to the owner for property improvements that would help boost occupancy and revenue.”
“The seller did a terrific job of managing the property through the process and occupancy rose to as high as 98% during the marketing period,” Gregory said. “Interest in Pinehurst was very broad, with multiple offers presented.”
“The upside potential in this property is incredible,”
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ- FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.
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