Utah investors buy Oklahoma City's Pinehurst Apartments

RealSource Equity Services paid $16.7 million for the 544-unit Pinehurst Apartments, 12301 N MacArthur Blvd., Tuesday in a deal handled by Colliers International-Oklahoma.

The seller was Pinehurst Apartments LP of Oklahoma City.

It was the largest apartment property to change hands in the metro area this year but not the highest-priced; that was the $26.75 million sale of The Villas at Countryside Apartments last month in Moore.

Salt Lake City-based RealSource Equity Services plans exterior improvements to Pinehurst.

“We designed a custom marketing plan for the seller,” said Gary Gregory, managing director of Colliers International-Oklahoma. “Our research team reviewed market data and recognized Pinehurst's occupancy and rents were lagging the market. We then made recommendations to the owner for property improvements that would help boost occupancy and revenue.”

The seller “did a terrific job of managing the property through the process, and occupancy rose to as high as 98 percent during the marketing period,” Gregory said. “Interest in Pinehurst was very broad, with multiple offers presented.”

Colliers broker Hunter Buwick said, “The upside potential in this property is incredible. Rents in the surrounding area have gone up as much as $80 in the last year, as the rental market tightens citywide. Pinehurst's proximity to the new ProCure Proton Therapy Center, Gaillardia, quality retail and employers such as Farmers Insurance make it an ideal prospect for income growth.”