TULSA, OK — Atlanta-headquartered ARA, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of a four-property, 1041-unit multifamily portfolio located in Tulsa, Oklahoma. The properties included in the transaction are Lincoln on Memorial, Villas on Memorial, Memorial Creek, and Woodland Park. The $95 million sale price sets a Tulsa record for multifamily portfolios.
Weidner Apartment Homes is continuing their expansion into the state of Oklahoma with this purchase. Founded in 1977, Weidner Apartment Homes is a privately held real estate company that owes its success to its most important resource - their people. As of January 2014, Weidner is ranked #30 on the NMHC Top 50 list of apartment ownership companies. Weidner currently owns 220 apartment communities comprised of over 41,100 units as well as five commercial buildings throughout the United States and Canada. Headquartered in Kirkland, WA, Weidner’s commitment to delivering value drives their vision to distinguish the company as an industry leader in each of the markets within which they operate. For more information about Weidner, please visit www.weidner.com.
ARA Oklahoma-based Principals Brandon Lamb and Tim McKay represented the Tulsa-based seller, American Residential Group, in the transaction. Brandon Lamb stated, “American Residential made a strategic decision to focus exclusively on core, urban development, and their timing for selling their suburban portfolio could not have been better; demand for well-located multifamily assets in strong secondary markets like Tulsa is at an all-time high.”
“Both American Residential Group (ARG) and Weidner are first-class organizations and this transaction proved to be a win for both groups. ARG has increased their capacity to grow and continue their focus on urban development, and Weidner is achieving significant scale in a very strong growth market," added Tim McKay.
Lincoln on Memorial, Villas on Memorial, Memorial Creek, and Woodland Park, all class A properties, were built between 1996 and 2000 and have an average square footage of approximately 905 square feet. All four had occupancies over 90% at the time of sale.
“Jay Helm and Steve Ganzkow of American Residential Group were pioneers in urban development in Oklahoma and have been instrumental in the continued growth of downtown Tulsa,” noted Brandon Lamb. “It will be very exciting to watch the next chapter of their business unfold as they continue to grow in Tulsa and expand into other secondary markets."
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Brandon Lamb at blamb@ARAusa.com, 918.551.7600 or Robyn Randall at rrandall@ARAusa.com, 972.934.3400
About ARA: Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.ARAusa.com