By Gabriel Circiog, Associate Editor
The Resource Real Estate Opportunity REIT, sponsored by Resource Real Estate Inc., has acquired Park Forest Apartments, a 216-unit asset in southeastern Oklahoma City.
Built in 1974 on an 8.4-acre site at 4328 Southeast 46th Street, the community comprises 27 buildings containing more than 158,000 rentable square feet.
Featured amenities include a fitness center, playground, swimming pool and clubhouse and leasing office. Residents benefit from easy access to a nearby major shopping center, Midwest Regional Hospital, Oklahoma City Community College, Boeing and Rose State College, as well as the state’s largest employer, Tinker Air Force Base.
Park Forest Apartments, a distressed real estate-owned property, is characteristic of the assets targeted for acquisition by Resource Real Estate Opportunity REIT. The firm plans to upgrade the complex significantly in order to stabilize occupancy and create positive cash flow.
In other development news, the Stillwater NewsPress reports that Epworth Living could break ground on a $65 million continuing care retirement community in Stillwater early next fall. Epworth Living canceled plans to develop The Ranch on a 40-acre site in southwest Stillwater earlier this year due to preexisting water pressure problems. Since then, U.S. Rep. Wes Watkins and his wife, who have been planning to sell their home and 55 acres to move into The Ranch upon completion, have reached an agreement in principle to offer a donation/land transaction package that would enable Epworth Living to build The Ranch in northern Stillwater.
The southwest Stillwater designs have been modified by the design and engineering teams to fit the new property and Epworth Living is negotiating the rezoning, annexation and permitting process.
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