Newmark Multifamily announces the sale of The Flats at Norman, a 204-unit, 612-bed student housing asset in Norman, Oklahoma.
Newmark Multifamily Vice Chairman and Head of the Company’s Student Housing team Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider represented the seller, Horizon Realty Advisors, a Seattle-based owner and operator of multifamily housing, in cooperation with Vice Chairman Tim McKay. The buyer was Cardinal Group, a Denver-based real estate company focused on multifamily and student housing.
“This was a high-quality execution by two distinguished groups within the student housing sector,” said Lang. “OU’s growth prospects position the asset for long-term success.”
Constructed in 2005 and having undergone over $3.5 million in renovations in 2017, The Flats at Norman offers a comprehensive suite of amenities, including a fitness center, a tanning salon, virtual fitness classes, a yoga studio and a resident clubhouse with a game area. The 18.37-acre property boasts a 99% occupancy rate and provides a mix of two-, three- and four-bedroom units.
Located eight blocks from the OU campus, the asset offers a private shuttle to all campus destinations and the local Walmart Supercenter. Residents enjoy close proximity to the Gaylord Family – Oklahoma Memorial Stadium, as well as popular restaurants, retail and nightlife options.
As the Norman submarket continues to expand, the stability of investments in the area is underpinned by OU’s consistent draw of students and the associated demand for housing. The sale of The Flats at Norman underscores the strength of the submarket, which is characterized by a growing population, stable income levels and low unemployment rates.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world.
