Per the Tulsa World, "A New York investment company recently bought a landmark Tulsa apartment complex for one of the highest per-unit prices in the city’s history, officials said Monday.
The Cosmopolitan, a four-story, 264-unit development along the Arkansas River near downtown, sold April 12 for $68 million, or $257,576 per apartment.
The sale marks the first investment in Oklahoma for Kushner Cos., a real estate and management firm that has been on a massive buying spree across the Southeast and Sunbelt regions, where the company has bought more than 7,000 multifamily units since 2021."
So much for affordability in that area however Kushner does have a track record of massively overpaying for everything so not unexpected.
Oof, and here I was hoping the rent on those things would come down someday so I could consider moving there. Not enough quality apartment projects in the area to move things downward yet... at this point things come online slowly enough that the level of demand stays pretty constant.
Assuming the average apartment there goes for $1,400, it's going to take them over 15 years to break even...
Surprisingly they could probably flip this project today for $275k a unit or more... it's been under contract for a while and since cap rate have gone down and rent have gone up at least 10% or more.
Kushner is not a good person/company - looks like they're putting all that tax payer money they shouldn't have got to use though. At least they've wised up to invest outside of NY into markets that have better value growth.
Tulsa needs a lot more residential units built if we have any realistic hope of prices not going through the roof.
