Northmarq’s Tulsa office brokers $10.5M sale of two-property multifamily portfolio

TULSA, Okla. (Nov. 21, 2024) — Benjamin Davis, senior vice president of Multifamily Investment Sales based in Northmarq’s Tulsa office, successfully brokered the sale of two multifamily properties, Avery Park and Avery Square, for $10.5 million. Located in Tulsa, Oklahoma, the two-property portfolio totals 176 units and features studio, one-, two- and three-bedroom apartment homes.

Northmarq represented the seller, Avery Park and Square LLC. Patrick O’Malley and Michael Salzman, senior vice presidents of Debt + Equity in Northmarq’s Denver office, arranged the acquisition financing on behalf of the buyer.

“With help from our Debt team, the buyer will enjoy strong cash flow out of the gate from two well-located assets in the Tulsa market,” said Davis.

Avery Park is located at 4111 E. 51st Street and was built in 1963. The multifamily property features 11 buildings and 102 units total.

Built in 1965, Avery Square is located at 3377 E. Skelley Drive. The property features 74 units and four buildings total.

The Avery Portfolio boasts an excellent location in close proximity to Interstate 44 in the heart of Tulsa, offering residents easy access to shopping, dining, medical corridors, Oklahoma University’s Tulsa campus and more. Community amenities include on-site patrol and maintenance, ample parking, laundry facilities, swimming pool and an outdoor kitchen.