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Real estate briefs from The Oklahoman for Feb. 2, 2019

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Renovated apartment complex sells for $2.6M

Flamingo Apartments, formerly University Manor Apartments, a 1961 complex renovated in 2017 to its midcentury-modern architectural glory, sold for more than twice the amount paid for it in 2016 in a transaction by CBRE in Oklahoma City.

CBRE represented the seller, an affiliate of real estate development and design company Nostalgia Shoppe. The buyer, Flamingo Holdings LLC, paid $2,636,000 for the 32-unit complex at 1844 NW 23. Nostalgia Shoppe acquired the property for $1,078,250.

Chris Dunning with CBRE Debt & Structured Finance secured a non-recourse, long-term, fixed-rate Freddie Mac-backed Small Balance Loan for the buyer

“The offering was recognized as a compelling long-term investment opportunity for a number of reasons,” said Jason Little, first vice president at CBRE. “The property's ‘like new' condition following an extensive renovation, its visibility along the Uptown 23rd corridor, as well as the urban infill nature of the property's location across from Oklahoma City University and its walkability to the Plaza District's offerings of retail, restaurants, and nightlife, are competitive advantages that very few existing apartment communities can match. In addition, the buyer was able to further enhance value for its investors by securing long-term, fixed-rate federally insured debt capital for the acquisition.”

Contractors' association elects president, board

The Association of Oklahoma General Contractors, a trade group for road, bridge and other transportation contractors and service providers, has elected Alma Pickle as its first woman board president and other directors to lead the organization's statewide membership.

Pickle, a native Oklahoman and member of the Choctaw Nation, has 13 years of leadership experience in the construction industry having served as president of Advanced Workzone Services and a member of the National Association of Women in Construction.

Others on the new board of directors are:

Kyle Conaway of Sherwood Construction, vice president; Aaron Wilcox of Becco, secretary; Damon Markwell of Markwell Paving, past president.

Also, Tim Duit of Duit Construction Co. Inc., concrete representative; Mike Beier of Cummins Construction Co., asphalt; Matt Flusche of Manhattan Road & Bridge, bridge; Reed Greenhill of Allen Contracting, grading; Larry Treas of Treas Construction, at-large; Steve Burke of Action Safety Supply, traffic control; Sam Pappas of MacArthur Associated Consultants, engineering; and Brandon Abla of Dolese Bros. Co., associate.

Three-story medical office building sells for $3.5M

RBI Properties LLC has sold its Coppertree Centre medical office building at 3727 NW 63 to Pacific Ocean Properties LLC for $3.5 million, 18.6 percent more than the $2.95 million it paid for the 27,027-square-foot, three-story property in February 2013.

Amy Dunn and Brent Conway with CBRE represented RBI Properties LLC in the transaction. Neither the buyer nor the brokers provided the prices, which are available from the Oklahoma County Assessor's Office.

“RBI Properties is an active investor in our local market,” said Dunn, CBRE vice president. They purchased Coppertree Centre as a strategic investment for in-place stable cash flow and long-term asset growth in value.”

Related Photos
<p>Flamingo Apartments, 1844 NW 23, formerly University Manor. [PHOTO PROVIDED BY CBRE]</p>

Flamingo Apartments, 1844 NW 23, formerly University Manor. [PHOTO PROVIDED BY CBRE]

<figure><img src="//cdn2.newsok.biz/cache/r960-85fb0a35375be184faddbfdb2d80b4a2.jpg" alt="Photo - Flamingo Apartments, 1844 NW 23, formerly University Manor. [PHOTO PROVIDED BY CBRE] " title=" Flamingo Apartments, 1844 NW 23, formerly University Manor. [PHOTO PROVIDED BY CBRE] "><figcaption> Flamingo Apartments, 1844 NW 23, formerly University Manor. [PHOTO PROVIDED BY CBRE] </figcaption></figure><figure><img src="//cdn2.newsok.biz/cache/r960-6a22f007e25ece0025436751e5ff186f.jpg" alt="Photo - Pickle " title=" Pickle "><figcaption> Pickle </figcaption></figure>
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