Steadfast Income REIT, Inc. announced that it had acquired Sonoma Grande in Tulsa, OK for $32.2 million. Flournoy Development, the Columbus, GA-based company that constructed the complex in 2009, sold the property to Steadfast in a deal brokered by CB Richard Ellis/Oklahoma. The garden-style property was reportedly 91% occupied at the time of sale with a mix of one-, two- and three-bedroom apartments that average approximately 1,130 square feet and have in-place monthly rents that average $938.
"Class A properties typically don't sell very often here because there's not many of them," said David Forrest, a broker with CB Richard Ellis/Oklahoma. Not only is Sonoma Grande in excellent shape - it has an average occupancy well above 90 percent - but also national investors are, in general, only buying Class A properties or distressed properties that need to be fixed up, Forrest said in a Tulsa World article.
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