In early May, Jim Parrack was named receiver for a portfolio of eight Tulsa properties that includes, the Pomeroy, Southern Hills, the Magnolia, Savannah South, Brixton, Fulton, Salida Creek, and Cedar Crest in Owasso. Price Edwards & Company was selected to manage the portfolio. The properties all have significant management and operational issues that Price Edwards has begun to address. Actions are being immediately implemented to preserve and improve the properties. Price Edwards & Company manages 12 multi-family properties in Tulsa totaling nearly 1,500 units.
David Dirkschneider and Phillip Mazaheri brokered the sale of Falls Creek Apartments located at 7032 NW 16th Street in Oklahoma City. Falls Creek is an 88 unit multifamily property located in northwest Oklahoma City. Phillip represented the Buyer, Falls Creek LLC, who purchased the property for $990,000. The Buyer has immediate plans to renovate and reposition the property and bring the currently low 50% occupancy up to a market average. David represented the out of state owner, Arapahoe Limited VII, a Colorado Limited Partnership.
The Price Edwards retail leasing team has been selected to lease the Village at Woodland Hills in Tulsa. The Center was remodeled by ownership when they purchased the property; the property is located in the heart of Tulsa’s retail district at 6808 S. Memorial Drive. The property features Sun & Ski Sports, Windsor Antiques, Cinemark Theater and a strong line-up of shops and restaurants. Price Edwards currently leases and manages over 1 million square feet in the Tulsa market.
Cordell Brown of Price Edwards & Company’s Investment Sales Division brokered the sale of the May Ten Shopping Center to May Ten, LLC. The sales price was $1,200,000. This neighborhood mainstay has been anchored by Whittaker Foods for over 25 years. Built in 1970, this 41,325 square foot retail strip sits on nearly four acres. MayTen Trade Center, LLC was the seller.