Investor to renovate OKC's Cypress Ridge Apartments ... - Levy Beffort by cuiliqing

VIEWS: 8 PAGES: 1

									The Journal Record > Print > Investor to renovate OKC’s Cypress Ridge Apartments                    Page 1 of 1




   The Journal Record                                                     http://journalrecord.com


    Investor to renovate OKC’s Cypress Ridge Apartments
    by Brianna Bailey
    Published: June 26th, 2012


                                                             OKLAHOMA CITY – An Arkansas investor
                                                             has purchased the Cypress Ridge
                                                             Apartments in northwest Oklahoma City for
                                                             $1.6 million and has plans to renovate the
                                                             nearly empty complex.

                                                             The sale price for the 256-unit property at
                                                             1209 W. Hefner Rd. breaks down to $6,445
                                                             per unit. Cypress Ridge was built in 1971
                                                             and contains a total of 205,851 square feet
                                                             in 32 two-story buildings.

                                                             The apartment complex is vacant except
                                                             for about five tenants left at the property,
                                                             and has suffered from chronic
        With a new owner, the Cypress Ridge Apartments at
             1209 W. Hefner Rd. are receiving a major        mismanagement and lack of capital over
                renovation. (Photo by Brent Fuchs)           the past decade, Mike L. Buhl, of
                                                             Commercial Realty Resources Co., said.
                                                             Buhl negotiated the sale and CRRC had the
      exclusive listing for the property.

      “Each owner probably had big plans for property, but was never able to implement their plans
      because of a lack of capital,” Buhl said. “The occupancy just continued to decline. It was just a
      cumulative effect over the years.”

      Investor Mark Spradlin of Fort Smith, Ark., purchased the complex and wants to spend more
      than $3.8 million reviving the property.

      This is Spradlin’s first acquisition in the Oklahoma City market, but he owns several apartment
      complexes in the Fort Smith area, Buhl said.

      Attempts to contact Spradlin were unsuccessful on Tuesday.

      The seller was Cypress Ridge OKC LLC, led by David Darley and Joseph Broadbent of Salt Lake
      City, who purchased the property for $750,000 in September 2010.

      The apartment complex is near Quail Springs Mall and adjacent to a Class A apartment
      community that was originally developed as condominiums, making it a strong contender to be
      revitalized, Buhl said.

      The complex is also near Mercy Health Center and the Oklahoma Heart Hospital.

          Like   0                  1            0




  Complete URL: http://journalrecord.com/2012/06/26/investor-to-renovate-cypress-ridge-apartments-real-
  estate/




http://journalrecord.com/wp-content/plugins/dmc_sociable_toolbar/wp-print.php?p=185433               6/27/2012

								
To top