Canyon Creek, Foxfire apartment complexes in Tulsa are sold | Real Estate


Two Tulsa apartment complexes have been purchased by separate investors for more than $16 million.

The properties include Canyon Creek Apartments at 2102 E. 51st St. and Foxfire Apartments at 7324 S. Wheeling Ave., Tulsa County land records indicate.

The 384-unit Canyon Creek Apartments was purchased for $9.6 million in a joint venture by Investors Properties Services of Irvine, Calif., and Oro Capital Advisors of Los Angeles.

Michael Chesser, president of apartment income investors for IPS, said the company was attracted to Canyon Creek because Tulsa made a favorable impression.

"We own properties all over the country, and we're interested in Tulsa because of its stability and the favorable economic conditions there," he said.

In fact, Chesser said the company will close on the purchases of four more Tulsa apartment properties this spring.

Although Canyon Creek's occupancy has suffered somewhat from the construction on Interstate 44 near Lewis Avenue, Chesser said the company will make improvements to keep the complex attractive.

"We think with some unit upgrades, we should be able to keep the property full," he said.

IPS has one apartment property each in Oklahoma City and Fort Smith, Ark.

Canyon Creek, most recently owned by Canyon Creek Apartments LLC, was built in 1980 and has a taxable value of $8.6 million, Tulsa County records indicate.

Foxfire Apartments was purchased for $8.6 million by Capital Assets of Tulsa. Calls to Capital Assets requesting more information were not returned by press time.

Foxfire was built in 1983 and has a taxable value of $10.6 million, county records indicate.

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Recently, the Tulsa-area market was named No. 1 nationwide in apartment affordability by Apartment.com, an information aggregator that measured its own apartment listings and the local cost of living.

Oklahoma City was ranked ninth.

Robert Evatt 918-581-8447

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