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Summit Sets Record With Multi-Family Disposition in Tulsa, OK

Summit Real Estate Group is pleased to announce the disposition of the Regency Point Apartments in Tulsa, OK. At $15.6 million, the transaction represented a record sale price for a 1970’s vintage multi-family asset in the Tulsa market. The 15 building, 192 unit complex sits on 9.34 acres in South Tulsa and was acquired by Summit in Q1 2016. Occupancy at the time of disposition was 98%.

Summit’s business plan had called for repositioning the in-fill apartment community in order to appeal to young professionals, small families, senior tenants, and students. Summit executed on its plan by continuing the unit interior upgrade work initiated by the prior owner, replacing all windows, installing washer/dryers in all units, replacing older mechanical systems, and other site improvements including signage upgrades and landscaping enhancements.