Oklahoma City’s Deep Deuce Complex Bought By Steadfast Income REIT
Irvine, California-based Steadfast Income REIT has recently purchased the Deep Deuce complex at Bricktown Apartments located in Oklahoma City. This mark’s the real estate investment firm’s third Oklahoma City purchase this year, according to newsok.com. The Deep Deuce complex consists of 297 units and was bought for $38.22 million, or $130,000 per unit.
“The property commanded such a high sale price this time around because of the strength of the downtown Oklahoma City real estate market,” said Tim McKay, senior vice president for Hendricks-Berkadia.
Representatives for Steadfast Income REIT comment that they have been more inclined to purchase property in the Oklahoma City area due to the metro area’s growing economy and steadily decreasing unemployment rate.
“These latest acquisitions exemplify two key facets of our strategy — to invest in apartment communities that are located in strong job growth markets, and to seek concentration in those markets to add synergy to our operating platform, reduce operating costs and increase revenue,” said Ella Shaw Neyland, president of Steadfast Income REIT. Neyland announced the purchase of the Deep Deuce complex as well as the purchase of an additional property located in Austin, Texas.
The Deep Deuce complex was placed on the market by Omaha-based DEO Communities last November. The multifamily investment firm marked the property with a sale price of $39.75 million. Currently, the Deep Deuce complex is 99 percent occupied and lists an average monthly rent of $1,083.
“We think the momentum of downtown Oklahoma City will continue, and we will see rent increases as demand continues to grow,” McKay said.
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