The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, announced this week that it had facilitated the sale of Pelican Hill Apartments, an 89 unit garden-style multifamily asset located in Oklahoma City.
Managing Director Danny Wieland represented the seller and procured the buyer.
“We are pleased to have introduced another new buyer to the Oklahoma City market. The buyer performed despite challenges in the economic and lending environments and are under agreement to purchase an additional 200+ units in Dallas,” said Wieland.
Pelican Hill was constructed in 1973 and contains community amenities such as a picnic area, a courtyard, a 24-hour clothing care center, and package services, all one mile from Penn Square Mall. Furthermore, residents experience easy access throughout OKC, with U.S. Route 66 and Interstate Highway 44 nearby. The property boasts generous unit sizes, averaging 740 square feet, with unit amenities containing plush carpet, walk-in closets, garden-style tubs, vinyl flooring, ceiling fans, and high-speed internet access.
Yardi reports a rent growth of 8.5 percent year-over-year in the submarket.
