LOS ANGELES, CA — NOVEMBER 22, 2019 — Centre Urban has successfully sold Compass Pointe Apartments comprising of 86 garden-style apartments in Tulsa, Oklahoma for $2.709 million or $31,500 per unit. Compass Pointe is a legacy asset of Centre Urban Properties Corporation, which originally purchased the property in distressed condition for $516,000 or $6,000 per unit in early 2010. The property was originally built in 1964. Centre Urban successfully executed a renovation and stabilization business plan that saw significant value-creation as demonstrated by the ultimate disposition.
Centre Urban was represented by Evolution Management Corp., an affiliate of Centre Urban, and the buyer was represented by the SVN Oak Realty in the transaction. The sale of Compass Pointe is part of Centre Urban’s efforts to dispose of legacy assets not consistent with its current investment strategy.
Located in the northeast plains of Oklahoma, Tulsa is a historic city of nearly half a million people on the banks of the Arkansas River. Known for more than a century as a major oil and gas production center, Tulsa’s economy has grown into the aerospace and technology sectors more and more in the last few decades, and is home to a blossoming media industry as well.
Compass Pointe is located in central Tulsa, near major freeways with access to downtown, shopping, medical facilities, and recreation. The 86 units all maintain the ease of apartment living amid beautifully landscaped grounds. Residents have the time to pursue their interests while enjoying maintenance-free living in a family-oriented community, complete with a playground and barbecues.
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