June 6, 2022
SVN AVAT Sunbelt Multifamily, a commercial real estate brokerage firm specializing in multifamily real estate, announced today the sale of Chateau 68 Apartments, a 218 unit apartment property located in Tulsa, Oklahoma. According to Abe Maddox, Senior Director of SVN AVAT, the asset sold for $16.75 million.
Chateau 68, constructed in 1970, is comprimised of 218 units, and was sold by Riley 68 who acquired the property in June 2019 when the property was only 30% occupied. Since that time, ownership brought the property up to 95% occupied. New buyers Emerald Empire plans to continue to build on the recent momentum in the Tulsa market. Emerald Empire plans to put roughly $3 million into the property, including unit interior upgrades, as well as exterior upgrades. Accordingly, they plan to raise rents significantly once upgrades are finished.
SVN AVAT managed more than $250 million in transaction volume across the Southeast U.S. in 2021. For more information about this transaction or other transactions contact Andrew Agee with SVN AVAT Sunbelt at email@example.com