Patrick
11-17-2004, 11:47 PM
Regency Tower, OKC's oldest downtown apartment complex sold today to a group from Delaware. Sounds like the old tower is gonig to say in good hands!
Hopefully the new company will make some much-needed improvements to the exterior!
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"Investors buy downtown’s Regency Tower
By Richard Mize
The Oklahoman
Investors have bought one of Oklahoma City’s handful of high-rise apartment buildings, Regency Tower, 333 NW 5, downtown.
Virtu Regency Tower Associates, a Delaware LLC, paid $11.35 million to Harsch Investment Properties in a deal that closed Monday, said William T. Forrest of CB Richard Ellis-Oklahoma, which handled the sale for the seller.
The new owners will make some improvements to the exterior and common areas, Forrest said, noting that the building was 93 percent occupied and in good condition.
The 274-unit apartment building was built in 1964 and renovated in 1995. The 24-story, 230,812-square-foot building has one-, two- and three-bedroom apartments.
Apartments have frost-free refrigerators, garbage disposals, dishwashers, miniblinds and balconies with views of downtown Oklahoma City. The average unit is 644 square feet.
The price paid was an average of $41,423 per apartment, more than double the $16,369-per-unit average paid for other pre-1980 apartment buildings so far this year, Forrest said.
The Regency Tower price was nearly double the average $21,242 per unit paid when the sale of the Trinity portfolio is taken into account, he said. The Trinity portfolio comprised about 20 bond-financed 1998 transactions that fell into receivership in 2001 and were allowed to deteriorate.
“Regency Tower probably is not a good comparable since it is a high-rise,” Forrest said. “The last property like it to sell was Tiffany House in 2002 for $32,258 per unit. However it is almost double its age group for multifamily (counting Trinity properties), which is significant.
“Its unique location downtown sets it apart and takes advantage of all the improvements that have occurred over the last few years. The rental rates are also higher here than in the other high-rise in Oklahoma City. The price also reflects how aggressive investors are for investment real estate as interest rates remain low.”
Regency Tower has 180,074 square feet of rentable space - 176,474 square feet of apartments and 3,600 square feet of retail space.
Regency Tower has controlled access, a clubroom, fitness center, heated pool and laundry center. Parking is available in a controlled-access garage.
Rents as of April were $1,025 to $1,075 for the three three-bedroom, two-bath apartments (1,256 square feet); $642 to $975 for the 76 two-bedroom, two-bath apartments (853-1,228 square feet); $490 to $775 for the 123 one-bedroom, one-bath apartments (570-928 square feet); and $375 to $545 for the 71 one-bedroom, one-bath apartments (392-431 square feet). "
Hopefully the new company will make some much-needed improvements to the exterior!
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"Investors buy downtown’s Regency Tower
By Richard Mize
The Oklahoman
Investors have bought one of Oklahoma City’s handful of high-rise apartment buildings, Regency Tower, 333 NW 5, downtown.
Virtu Regency Tower Associates, a Delaware LLC, paid $11.35 million to Harsch Investment Properties in a deal that closed Monday, said William T. Forrest of CB Richard Ellis-Oklahoma, which handled the sale for the seller.
The new owners will make some improvements to the exterior and common areas, Forrest said, noting that the building was 93 percent occupied and in good condition.
The 274-unit apartment building was built in 1964 and renovated in 1995. The 24-story, 230,812-square-foot building has one-, two- and three-bedroom apartments.
Apartments have frost-free refrigerators, garbage disposals, dishwashers, miniblinds and balconies with views of downtown Oklahoma City. The average unit is 644 square feet.
The price paid was an average of $41,423 per apartment, more than double the $16,369-per-unit average paid for other pre-1980 apartment buildings so far this year, Forrest said.
The Regency Tower price was nearly double the average $21,242 per unit paid when the sale of the Trinity portfolio is taken into account, he said. The Trinity portfolio comprised about 20 bond-financed 1998 transactions that fell into receivership in 2001 and were allowed to deteriorate.
“Regency Tower probably is not a good comparable since it is a high-rise,” Forrest said. “The last property like it to sell was Tiffany House in 2002 for $32,258 per unit. However it is almost double its age group for multifamily (counting Trinity properties), which is significant.
“Its unique location downtown sets it apart and takes advantage of all the improvements that have occurred over the last few years. The rental rates are also higher here than in the other high-rise in Oklahoma City. The price also reflects how aggressive investors are for investment real estate as interest rates remain low.”
Regency Tower has 180,074 square feet of rentable space - 176,474 square feet of apartments and 3,600 square feet of retail space.
Regency Tower has controlled access, a clubroom, fitness center, heated pool and laundry center. Parking is available in a controlled-access garage.
Rents as of April were $1,025 to $1,075 for the three three-bedroom, two-bath apartments (1,256 square feet); $642 to $975 for the 76 two-bedroom, two-bath apartments (853-1,228 square feet); $490 to $775 for the 123 one-bedroom, one-bath apartments (570-928 square feet); and $375 to $545 for the 71 one-bedroom, one-bath apartments (392-431 square feet). "