$34M Acquisition Financing Secured for 398-Unit Sycamore Farms Apartments in OK
GMF Capital and Vesta Capital secured $33.8 million in financing to acquire Sycamore Farms Apartments, a 398-unit apartment complex in Oklahoma City, OK. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp with Berkadia arranged for the Freddie Mac loan, which came with a 10-year fixed rate and five years of interest only. Olympus Property of Fort Worth, TX, sold the asset at 14900 N. Pennsylvania Ave.
“With limited new supply, rents in the Oklahoma City area have risen about 3.8% year over year – above the national average of 3 percent – which has made this metro area an attractive place for multifamily investors,” Sinberg said.
Sycamore Farms Apartments delivered in 1998, and offers one, two-and three-bedroom units ranging from 692 to more than 1,300 square feet. Community amenities include two resort-style pools, a 24-hour fitness center, business center, dog park and picnic/barbecue grill areas.