Source: Denver Realty Group / #Apartments #Multifamily
OKLAHOMA CITY, OK - Denver Realty Group, through its DRGinvest platform, closed on the acquisition of Savannah Pointe Apartments in Oklahoma City for approximately $5.1 million. This marks the fifth apartment complex acquisition by DRGinvest and its affiliates in Oklahoma City since December 2018.
Built in 1976, with full updates in 1999 and additional interior and exterior enhancements over the last two years, Savannah Pointe Apartments has 138 total units with an extremely attractive mix of only two- and three-bedroom floorplans. Additional favorable investment features include an extremely low utility operating expense structure, great location and current stabilization. The property does not require significant ongoing capital expenditures, and DRGinvest will continue to emphasize operational optimization and community upgrades on an as-needed basis.
“This is a great compliment to our existing Oklahoma City portfolio, now comprising over 600 units.” Said Zack Kobilca, Managing Partner of Denver Realty Group. “We are very excited about this acquisition as we purchased the property at one of the lowest price per unit acquisitions in the market. The plan is to implement DRG’s management practices and seek above-market occupancy as quickly as possible. We expect our investors to be well served from the current income our investment portfolio generates, as well as the longer-term tailwinds in Oklahoma City. Not only does Savannah Pointe fit this criteria, but DRG continues to seek more opportunities in the market.”
DRGinvest was established in 2017 as the syndicated investment arm of Denver Realty Group, LLC. Focused primarily on value-add multifamily projects in attractive markets, DRGinvest has acquired 745 units across seven funds, with approximately 1,500 total units under ownership.