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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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Calendar

June 2018

The Salvation Army, in conjunction with Westlake Ace Hardware, is sponsoring a fan drive to benefit needy families in the Oklahoma City area. A kickoff event is planned for 11 a.m. to 2 p.m. on...

Cost: Free

Where:
Westlake Ace Hardware
11801 S. Western
Oklahoma City, OK  73170
View map »


Sponsor: Salvation Army
Telephone: 913.485.5656
Contact Name: Elaine Symanski
Website »

More information

Commemorating the 110th anniversary of Oklahoma statehood, “The Art of Oklahoma” celebrates the Museum’s outstanding and diverse collection of art created by or about...

Cost: Free with admission

Where:
Oklahoma City Museum of Art
415 Couch Dr.
Oklahoma City, OK  73102
View map »


Telephone: 405.236.3100
Website »

More information

Show More...
Show Less...

 ORU offers a wide variety of summer camps from basketball camp to swimming camp for all ages. For a schedule and list of options, visit ORUCES.com/camps.

Cost: Prices Vary

Where:
Mabee Center
7777 S Lewis Ave
Tulsa, OK  74171
View map »


Telephone: 918.495.6000
Website »

More information

The Salvation Army, in conjunction with Westlake Ace Hardware, is sponsoring a fan drive to benefit needy families in the Oklahoma City area. A kickoff event is planned for 11 a.m. to 2 p.m. on...

Cost: Free

Where:
Westlake Ace Hardware
11801 S. Western
Oklahoma City, OK  73170
View map »


Sponsor: Salvation Army
Telephone: 913.485.5656
Contact Name: Elaine Symanski
Website »

More information

Show More...
Show Less...

 ORU offers a wide variety of summer camps from basketball camp to swimming camp for all ages. For a schedule and list of options, visit ORUCES.com/camps.

Cost: Prices Vary

Where:
Mabee Center
7777 S Lewis Ave
Tulsa, OK  74171
View map »


Telephone: 918.495.6000
Website »

More information

The Salvation Army, in conjunction with Westlake Ace Hardware, is sponsoring a fan drive to benefit needy families in the Oklahoma City area. A kickoff event is planned for 11 a.m. to 2 p.m. on...

Cost: Free

Where:
Westlake Ace Hardware
11801 S. Western
Oklahoma City, OK  73170
View map »


Sponsor: Salvation Army
Telephone: 913.485.5656
Contact Name: Elaine Symanski
Website »

More information

Commemorating the 110th anniversary of Oklahoma statehood, “The Art of Oklahoma” celebrates the Museum’s outstanding and diverse collection of art created by or about...

Cost: Free with admission

Where:
Oklahoma City Museum of Art
415 Couch Dr.
Oklahoma City, OK  73102
View map »


Telephone: 405.236.3100
Website »

More information

Show More...
Show Less...

 ORU offers a wide variety of summer camps from basketball camp to swimming camp for all ages. For a schedule and list of options, visit ORUCES.com/camps.

Cost: Prices Vary

Where:
Mabee Center
7777 S Lewis Ave
Tulsa, OK  74171
View map »


Telephone: 918.495.6000
Website »

More information

The Salvation Army, in conjunction with Westlake Ace Hardware, is sponsoring a fan drive to benefit needy families in the Oklahoma City area. A kickoff event is planned for 11 a.m. to 2 p.m. on...

Cost: Free

Where:
Westlake Ace Hardware
11801 S. Western
Oklahoma City, OK  73170
View map »


Sponsor: Salvation Army
Telephone: 913.485.5656
Contact Name: Elaine Symanski
Website »

More information

Commemorating the 110th anniversary of Oklahoma statehood, “The Art of Oklahoma” celebrates the Museum’s outstanding and diverse collection of art created by or about...

Cost: Free with admission

Where:
Oklahoma City Museum of Art
415 Couch Dr.
Oklahoma City, OK  73102
View map »


Telephone: 405.236.3100
Website »

More information

Show More...
Show Less...

Join us every Thursday this summer for morning yoga practice while enjoying the beautiful sunrise over Will Rogers Gardens. This class is designed for all skill levels, so grab your...

Cost: $5 per class

Where:
Will Rogers Gardens
3400 NW 36th St
Oklahoma City, OK  73112
View map »


Sponsor: OKC Parks and Recreation
Telephone: 405.297.2279
Contact Name: Becca Leon
Website »

More information

 ORU offers a wide variety of summer camps from basketball camp to swimming camp for all ages. For a schedule and list of options, visit ORUCES.com/camps.

Cost: Prices Vary

Where:
Mabee Center
7777 S Lewis Ave
Tulsa, OK  74171
View map »


Telephone: 918.495.6000
Website »

More information

The Salvation Army, in conjunction with Westlake Ace Hardware, is sponsoring a fan drive to benefit needy families in the Oklahoma City area. A kickoff event is planned for 11 a.m. to 2 p.m. on...

Cost: Free

Where:
Westlake Ace Hardware
11801 S. Western
Oklahoma City, OK  73170
View map »


Sponsor: Salvation Army
Telephone: 913.485.5656
Contact Name: Elaine Symanski
Website »

More information

Join us for an evening of painting and patronage to benefit ABLE Community-Based Services. Light snacks will be provided, and alcoholic beverages will be available for purchase. Reserve your...

Cost: $35

Where:
Pinot's Palette
228 E. Main St.
Norman, OK  73069
View map »


Contact Name: Niki Leonard
Website »

More information

Commemorating the 110th anniversary of Oklahoma statehood, “The Art of Oklahoma” celebrates the Museum’s outstanding and diverse collection of art created by or about...

Cost: Free with admission

Where:
Oklahoma City Museum of Art
415 Couch Dr.
Oklahoma City, OK  73102
View map »


Telephone: 405.236.3100
Website »

More information

Show More...
Show Less...

 ORU offers a wide variety of summer camps from basketball camp to swimming camp for all ages. For a schedule and list of options, visit ORUCES.com/camps.

Cost: Prices Vary

Where:
Mabee Center
7777 S Lewis Ave
Tulsa, OK  74171
View map »


Telephone: 918.495.6000
Website »

More information

The Salvation Army, in conjunction with Westlake Ace Hardware, is sponsoring a fan drive to benefit needy families in the Oklahoma City area. A kickoff event is planned for 11 a.m. to 2 p.m. on...

Cost: Free

Where:
Westlake Ace Hardware
11801 S. Western
Oklahoma City, OK  73170
View map »


Sponsor: Salvation Army
Telephone: 913.485.5656
Contact Name: Elaine Symanski
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

Commemorating the 110th anniversary of Oklahoma statehood, “The Art of Oklahoma” celebrates the Museum’s outstanding and diverse collection of art created by or about...

Cost: Free with admission

Where:
Oklahoma City Museum of Art
415 Couch Dr.
Oklahoma City, OK  73102
View map »


Telephone: 405.236.3100
Website »

More information

Show More...
Show Less...

The Salvation Army, in conjunction with Westlake Ace Hardware, is sponsoring a fan drive to benefit needy families in the Oklahoma City area. A kickoff event is planned for 11 a.m. to 2 p.m. on...

Cost: Free

Where:
Westlake Ace Hardware
11801 S. Western
Oklahoma City, OK  73170
View map »


Sponsor: Salvation Army
Telephone: 913.485.5656
Contact Name: Elaine Symanski
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

After Sash is the official after party for YWCA OKC's Purple Sash Gala! Guests will enjoy wine, a cash bar, photo booth, snacks by Whiskey Cake and live music by Drive.  All...

Cost: $30

Where:
The Criterion
500 E Sheridan Ave
Oklahoma City, OK  73104
View map »


Sponsor: YWCA Oklahoma City
Telephone: 405.948.1770
Contact Name: Sami Grega
Website »

More information

Commemorating the 110th anniversary of Oklahoma statehood, “The Art of Oklahoma” celebrates the Museum’s outstanding and diverse collection of art created by or about...

Cost: Free with admission

Where:
Oklahoma City Museum of Art
415 Couch Dr.
Oklahoma City, OK  73102
View map »


Telephone: 405.236.3100
Website »

More information

Show More...
Show Less...
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