Wynmor Management, LLC, a New York City-based private equity investment firm, acquired Riverchase Apartments, an apartment complex in Oklahoma City, for $13.6 million. The seller was a Texas-based company, Casa Claire Apartments, LP, represented by Derek Wilson of Cushman & Wakefield’s Oklahoma City office. 

Located at 11239 N Pennsylvania Ave., Riverchase features 10 three-story rental buildings totaling 252 units and an additional building that serves as an office. The 50-year-old property’s new ownership plans to upgrade the majority of units and implement institutional-style property management. The development features covered parking, a pool, basketball and tennis courts. 

Wynmor, along with its investment partners, invested its own equity while the $12.9 million required to acquire and renovate the property came from Bedrock Capital Associates as an acquisition and renovation loan with a three-year term.   

“Oklahoma City has a deep-rooted history in the oil and gas markets, while recently the employment opportunities have diversified and the city has become an attractive place for remote workers,” said Wynmor managing director Josh Bernstein. “The acquisition price of approximately $54,000 per unit represents a significant discount to replacement cost and to recent market comparables.”