Source: SBV Communities / #Multifamily #Apartments
KANSAS CITY, MO - SBV Communities today announced its purchase of 119-unit Ridgeview Apartments in Oklahoma City, Oklahoma. The acquisition is the fifth of 2012 for the owner and operator of multi-family apartment complexes and marks the continued expansion of its geographic footprint. SBV Communities executed the purchase and sale agreement on July 13 and closed the transaction on August 29th, increasing its presence to include 13 markets.
The Oklahoma City market attracted the attention of SBV Communities in part due to the expected jobs growth the area is forecasted to experience. The employment base of Oklahoma City includes historically stable segments of the economy – government and education – and has recently enjoyed significant investments from private employers such as Boeing, Devon energy and SandRidge Energy. Additionally, Ridgeview's access to transportation (highways and the airport), its proximity to shopping and recreation (just one mile away from Lake Heffner) and its inclusion in the Putnam City School District (considered one of the best in Oklahoma City) all made Ridgeview an attractive acquisition target.
"Oklahoma City is an exciting market with a lot of positive changes happening. The continued redevelopment of its downtown, its commitment to its public schools and the job growth we've seen – specifically in the energy and aerospace sectors – is really encouraging and we're obviously interested in getting involved."
SBV Communities was formed in 2009 to focus singularly on the acquisition and management of multi-family real estate properties. The company builds long-term value for investors by focusing on lender-owned, B & C apartment complexes with strong value-add potential. SBV Communities' portfolio includes properties in thirteen primary and secondary markets spread across the United States.