Beacon Hill Townhomes

Comments: First Commercial Real Estate Services Corporation is pleased to announce the sale of the Beacon Hill Townhomes located in Claremore, Oklahoma. The property is located at 631-643 Earthside Circle and is near the Claremore Indian Hospital, the Claremore Expo Center and Rogers State University. The Buyer is a local real estate investor and the Seller is a partnership of out-of-state real estate investors. The sale price was $ 2,200,000 or $68,750 per unit. The property was constructed in 1979 and consists of 16 buildings with a total of 32 units and a storage building. The unit mix consists of two, three, and four bedroom units. All units have a garage and washer/dryer connections as well as fireplaces and patios. The property was significantly upgraded including recent siding, new roofs, and extensive landscaping. The interiors were updated with unique custom finishes. The Seller was represented by the multifamily team of Mike Marrara and Melanie Richardson of First Commercial Real Estate Services Corporation. The Buyer was represented by Tracy Streich of Realis Management, LLC. Mike and Melanie noted that there was strong interest in the area and in the property, with an offer generated in less than 30 days of marketing. There is a high demand for stabilized, cash flowing assets in good areas. Beacon Hill sold for 98% of its list price and at the current NOI that translates to a 7.3 CAP Rate. David Hagaman with Tulsa Abstract and Title Company handled the closing. RCB Bank provided financing to the Buyer for the acquisition.

Date: Aug 21, 2014