Timberland Partners has paid $14.75 million, or about $42,000 per unit, for The Lakes Apartments located at 8028 S. Wheeling Ave. in Tulsa, OK.
The multifamily community totals 281,600 square feet. It was built in 1985 on 15.8 acres in the South Central submarket. The 352 units are comprised of 88 each of one-bedroom units, one-bedroom townhouses, two-bedroom units, and two-bedroom townhouse apartment homes. Rents in the complex range from $484 up to $669.
Tim McKay and Aaron Hargrove with Hendricks & Partners represented the seller, Entrepreneurial Corporate Group, and was the sole brokerage firm in the sale.
Please see CoStar COMPS #2228991 for additional information on this transaction.