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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.
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