Oklahoma City apartment deal surpasses $16M

Water Garden Apartments, an 800-unit apartment community in Oklahoma City, Okla., recently sold to a California-based limited liability company for $16.8 million.

Los Angeles-based Accord/VAU Interests LLC purchased the asset from Albion Oklahoma LLC. The property is located 6446 N. Peniel Ave.

Built in 1972, the 62-building property is situated on 45.5 acres. The property was 52 percent occupied at the close of escrow and had deferred maintenance issues, offering the buyer a value-added opportunity to renovate and increase occupancy with market rental rates. The community includes a mix of one- and two-bedroom units with monthly rents currently ranging from $350 to $619.

Water Garden's amenities include a 30,000-square-foot fitness center with an indoor junior Olympic swimming pool; indoor basketball and tennis courts; business center with computers, printers and Internet access; three outdoor tennis courts; seven on-site laundry facilities; large lake with a park like setting; playground; five outdoor swimming pools and a community center. Unit amenities include large walk-in closets, concrete patios/balconies, ceiling fans in all units, cable television, washer/dryer connections, ceramic baths, wood burning fireplaces and fully equipped kitchens.

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