Developer Sells OKC’s Reserve at Quail North, Pockets $39M
Watermark Residential developed and opened The Reserve at Quail North Apartments in 2016. Three years later, the Indianapolis company sold the project in Oklahoma City to CEG Multifamily. The buyer, based in San Diego, paid $38.7 million for the 286-unit property at 2600 Watermark Blvd.
According to NKF Multifamily Oklahoma’s Tim McKay, Brandon Lamb, Justin Wilson, Ted Prince and Ben McKay, who brokered the transaction, the sales price, per unit, hit a record at $138,214. Meanwhile, the transaction is CEG’s second in the area in 2019. In January 2019, the company acquired The Landing for $32 million.
Reserve at Quail North offers one-, two- and three-bedroom units. Amenities include a swimming pool with outdoor kitchen, dog park, game room, package receiving, a clubhouse with televisions and a coffee bar, and a fitness center.
Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.