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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

April 2019

Meet all the Princesses at The Oklahoma City Fairytale Ball. This magical event is full of memorable moments you won't want to miss! Dance with Cinderella; read with Rapunzel; share sweet...

Cost: $25-$60

Where:
La Bella
6701 W Wilshire Blvd
Oklahoma City, OK  73132
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Sponsor: Pretty Princess Parties & Project Princess
Telephone: 405-777-2411
Contact Name: Brooke Potter
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Cost: Free

Where:
Heard Natural Science Museum & Wildlife Sanctuary
1 Nature Place
McKinney, TX  75069
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Sponsor: Heard Natural Science Museum & Wildlife Sanctuary
Telephone: 972.562.5566
Contact Name: Stephanie Jennings
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Cost: $12.50

Where:
National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
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Telephone: 405.478.2250
Contact Name: Jenni
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Cost: Free

Where:
Crossings Community Church - OKC Campus
14600 North Portland Avenue
Oklahoma City, OK  73134
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Sponsor: Crossings Community Church
Telephone: 405-302-1258
Contact Name: Lori Bunyar
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Cost: Free

Where:
Artspace at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
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Sponsor: Artspace at Untitled
Telephone: 405-815-9995
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Men and women from across the American West played critical roles - both “over there” and on the home front - in helping the Allies win World War I. The National Cowboy & Western...

Cost: $12.50

Where:
National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
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Telephone: 405.478.2250
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Cost: $15 per person

Where:
Artspace at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
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Sponsor: Artspace at Untitled
Telephone: 405-815-9995
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Cost: $12.50

Where:
National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
View map »


Telephone: 405.478.2250
Contact Name: Jenni
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Cost: Free

Where:
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1 NE 3rd st
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Sponsor: Artspace at Untitled
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Oklahoma City Community College's Paul W. Sechrist Signature Lecture Series will feature David Grann, the New York Times bestselling author of Killers of the Flower Moon. This lecture is free...

Cost: Free

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OCCC Visual and Performing Arts Center Theater
7777 S May Ave
Oklahoma City, OK  73159
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Sponsor: Oklahoma City Community College
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Cost: Free

Where:
Kendra Scott
5810 N Classen Blvd #2
Oklahoma City, OK  73118
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Sponsor: Kendra Scott
Telephone: 405.241.4203
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Cost: $0-$125

Where:
Oklahoma City University School of Law
800 N Harvey Ave
Oklahoma City, OK  73102
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Sponsor: Oklahoma City University School of Law
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Cost: $12.50

Where:
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1700 Northeast 63rd Street
Oklahoma City, OK  73111
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Telephone: 405.478.2250
Contact Name: Jenni
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Cost: Free

Where:
Artspace at Untitled
1 NE 3rd st
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Sponsor: Artspace at Untitled
Telephone: 405-815-9995
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Cost: $5

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amshot
428 Dean A McGee Ave.
Oklahoma City, OK  73102
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Sponsor: amshot
Telephone: 405.594.7642
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Cost: Free

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Verbode Urban Core Artists
415 North Broadway, Suite 101
Oklahoma City, OK  73103
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Sponsor: Verbode, Valor Bank, Hive Design Team
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Cost: Free

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Artspace at Untitled
1 NE 3rd st
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Sponsor: Artspace at Untitled
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Cost: $10

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Seretean Center
132 Seretean Center
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Sponsor: McKnight Center for the Performing Arts
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Cost: $5-$25

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800 W. Main
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Cost: Free

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Elk Valley Brewery
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Sponsor: VHSANDCHILL
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Sponsor: Artspace at Untitled
Telephone: 405-815-9995
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More information

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Cost: $0-$125

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Telephone: 405-208-6300
Contact Name: Allison Rabon
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Cost: $12.50

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National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
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Telephone: 405.478.2250
Contact Name: Jenni
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More information

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Cost: Free

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Sponsor: OkSessions
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Cost: $5-$25

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800 W. Main
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Where:
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1 NE 3rd st
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Sponsor: Artspace at Untitled
Telephone: 405-815-9995
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Orr Family Farm
14400 S. Western Ave.
Oklahoma City, OK  73170
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Telephone: 405.799.3276
Contact Name: Lauren Daughety

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Cost: $12.50

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Celebrate Easter with a trip to Andy Alligator’s Fun Park! On Saturday and Sunday, get $5 off an All-Day Pass with our Eggcellent Easter Special. All-Day Passes include Go-Karts,...

Cost: $23.95

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3300 Market Pl
Norman, OK  73072
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Cost: $59.95

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1 Park Ave
Oklahoma City, OK  73102
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Sponsor: The Dinner Detective
Telephone: 866.496.0535
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Cost: $5-$25

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800 W. Main
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Sponsor: Carpenter Square Theatre
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Contact Name: Rhonda M. Clark
Website »

More information

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