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New Ownership for Metropolitan

Record price for sale of urban core apartments



 



A Washington-based Weidner Apartment Homes has purchased Metropolitan Apartments for $64 million, a per-unit cost of $194,666 – the most ever paid per unit for an Oklahoma City apartment complex. Metropolitan, which is located east of Automobile Alley at NW Eighth and Oklahoma Avenue, was owned by Houston-based Bomasada Group.
 

At the time of sale, 95 percent of Metropolitan’s 329 units were leased, according to ARA Newmark, an investment advisory firm that brokered the transaction. The occupancy rate is higher than average for apartments in the urban core, where 80-88 percent is far more common.

Bomasada opened Metropolitan in 2016, and its location is ideal for several demographics – including OUHSC students, faculty and staff, employees of the Innovation District and Tinker AFB employees and military personnel, as well as locals who want easy access to Bricktown and the downtown districts. The streetcar will run right by the property when it opens in 2018, which makes Metropolitan one of the most conveniently located complexes in the urban core.

The degree to which those factors contributed to the price of the sale is unknown, but for the sake of comparison, it’s worth noting that Deep Deuce Apartments sold for $130,000 per unit in 2013, and according to commercial real estate company CBRE, 2016 per-unit sales topped out at $108,000.

Weidner already owns three other apartment complexes in the city: Brookwood Village on N Shartel, Summit Pointe Apartments on SW 89th and Liberty Pointe Apartments on SE 74th - all brokered by ARA Newmark. The acquisition of the Metropolitan brings their total units in Oklahoma City to 1,965. The Kirkland, Washington-based Weidner owns more than 50,000 units in 250-plus complexes across 11 states, making it the 17th largest apartment owner in the U.S.

Kevin Colard, vice president of acquisitions for Weidner, said (via written statement): “As evidenced by this latest purchase, Weidner remains keenly interested in the Oklahoma market … In fact, the Metropolitan represents our third purchase in Oklahoma City in 2017, and we are not finished yet. By the end of the year, we anticipate our portfolio within the state to be well over 3,000 apartment homes, with roughly 2,000 of them concentrated in Oklahoma City.”

 


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September 2018

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More than 20 speakers in a one-track session designed for the digital marketing professional, marketer, business owner or anyone interested in branding, PR, advertising, social media, SEO, search,...

Cost: $250

Where:
Tower Theatre
425 NW 23rd St
Oklahoma City, OK  73103
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Sponsor: BigWing
Telephone: 405.475.4185
Contact Name: Janelle Archer
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This year will mark the eighth time the John F. Kennedy Awards have been celebrated, honoring individuals making a significant contribution to Oklahoma, its communities and its people, while paying...

Cost: $300

Where:
Skirvin Hilton Hotel
1 Park Ave.
Oklahoma City, OK  73102
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Sponsor: Santa Fe Family Life Center
Telephone: 405-840-1817
Contact Name: James Timberlake
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More than 20 speakers in a one-track session designed for the digital marketing professional, marketer, business owner or anyone interested in branding, PR, advertising, social media, SEO, search,...

Cost: $250

Where:
Tower Theatre
425 NW 23rd St
Oklahoma City, OK  73103
View map »


Sponsor: BigWing
Telephone: 405.475.4185
Contact Name: Janelle Archer
Website »

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Price Tower Art Gallery in Bartlesville will host Women Artists of the West's 48th annual juried art exhibition, featuring over 200 original art works, created by women in all mediums, subjects...

Cost: Free 2018-09-21,22,23

Where:
Price Tower Art Gallery
510 S. Dewey Ave.
Bartlesville, OK  74003
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Sponsor: Price Tower Arts Center
Telephone: 918.336.4949
Contact Name: Angelina Bourgou
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Escape the ordinary, and learn about OKC from a different point of view. Relax in the climate controlled cabin on one of our 65’ cruisers, or enjoy the breeze on the viewing deck and listen...

Cost: $15 for Seniors and kids under 12, $20 Adults

Where:
Regatta Landing
701 S. Lincoln Blvd.
OKC, OK  73109
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Telephone: 405.702.7755
Contact Name: Business Office
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A fabulous art auction to raise money to help support Oklahoma A+ Schools at UCO.

Cost: $100

Where:
CHK|Central Boathouse
732 Riversport Dr.
Oklahoma City, OK  73129
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Sponsor: Oklahoma A+ Schools at UCO
Telephone: 405.974.3791
Contact Name: Heather Bryant
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The evening Cocktail Cruise offers stunning views of the downtown skyline, the Boathouse District and Finish Line Tower, the Wheeler Ferris wheel and quite possibly an amazing Oklahoma sunset. Come...

Cost: $15 for Seniors and kids under 12, $20 Adults

Where:
Regatta Landing
701 S. Lincoln Blvd.
OKC, OK  73109
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Telephone: 405.702.7755
Contact Name: Business Office
Website »

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Join supporters in communities across the nation for the St. Jude Walk/Run to End Childhood Cancer during Childhood Cancer Awareness Month. This family-friendly event raises funds to support the...

Cost: $10 for adults or children six and older

Where:
Stars and Stripes Park
3701 S. Lake Hefner Drive
Oklahoma City , OK  73116
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Telephone: 405.403.7762
Contact Name: Emily Drover
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Let’s end childhood cancer. Together! This September, supporters across the country will unite to participate in the St. Jude Walk/Run to End Childhood Cancer, an exciting, family-friendly...

Cost: $10 for Registration

Where:
Stars and Stripes Park
3701 S Lake Hefner Dr
Oklahoma City, OK  73116
View map »


Sponsor: ALSAC St. Jude Oklahoma City
Telephone: 405.403.7762
Contact Name: Emily Drover
Website »

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Price Tower Art Gallery in Bartlesville will host Women Artists of the West's 48th annual juried art exhibition, featuring over 200 original art works, created by women in all mediums, subjects...

Cost: Free 2018-09-21,22,23

Where:
Price Tower Art Gallery
510 S. Dewey Ave.
Bartlesville, OK  74003
View map »


Sponsor: Price Tower Arts Center
Telephone: 918.336.4949
Contact Name: Angelina Bourgou
Website »

More information

Escape the ordinary, and learn about OKC from a different point of view. Relax in the climate controlled cabin on one of our 65’ cruisers, or enjoy the breeze on the viewing deck and listen...

Cost: $15 for Seniors and kids under 12, $20 Adults

Where:
Regatta Landing
701 S. Lincoln Blvd.
OKC, OK  73109
View map »


Telephone: 405.702.7755
Contact Name: Business Office
Website »

More information

The evening Cocktail Cruise offers stunning views of the downtown skyline, the Boathouse District and Finish Line Tower, the Wheeler Ferris wheel and quite possibly an amazing Oklahoma sunset. Come...

Cost: $15 for Seniors and kids under 12, $20 Adults

Where:
Regatta Landing
701 S. Lincoln Blvd.
OKC, OK  73109
View map »


Telephone: 405.702.7755
Contact Name: Business Office
Website »

More information

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