Minneapolis based Timberland Partners is pleased to announce the acquisition of The Renaissance at Norman, located in Norman, Oklahoma. Founded in 1992, the company now owns and manages 70 apartment communities totaling 13,802 units in its portfolio spanning 14 states. This is the third property Timberland Partners owns in Oklahoma and is the seventh acquisition of the year.
The 228-unit acquisition was funded by a reuse of equity through the 1031 tax-deferred exchange process through Timberland Partners Fund IV. Timberland Partners anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multifamily real estate market.
Timberland Partners Acquisitions Specialist, Brad Swenson, said “Renaissance at Norman is a Class-A property that has been well maintained. The property’s common area amenities have been recently updated and we plan to continue to add value to the property through additional unit renovations”
The property was built in 1999, and consists of one, two and three bedroom floorplans, hosting amenities such as a newly updated state-of-the art fitness center and yoga room, resort-style pool, new outdoor kitchen and fire pit, and updated clubhouse. Updated units feature gourmet kitchens, nine-foot ceilings, stainless steel appliances and granite countertops, wood plank floors, fireplaces and washer/dryer connections.
The seller was represented by Allan Murow with N&M Brokerage Services and Ed Fleming with Colliers International.
About Timberland Partners
Timberland Partners is a real estate investment and management firm which currently owns 13,802 apartments in 14 states.