Capital Assets Media Center
Capital Assets Pays $22.59M For Mountain Ranch Property
CAPITAL ASSETS INC. of Tulsa has added to its portfolio of Northwest Arkansas multifamily
properties with a sizable acquisition in Fayetteville. Under the name Mountain Ranch
Partners LLC, the company recently completed an allcash transaction valued at $22.59
million for the 360-unit Mountain Ranch apartment complex. That’s $71,803 per unit
at the Class A development just south of the Wedington Drive/Interstate 540 exit.
The ownership deed was filed at the Washington County Courthouse on April 12. It
had a capitalization rate... more [+]
Doing it the Wright way
TULSA – Royce Wright entered the apartment industry enamored by the thought of building
and filling cultural landmarks. But before his first projects even got off the ground,
this son of a Nazarene minister found himself tossed out onto the street. With nearly
every new position he tried over the next decade – and there were a bunch of them
along a path that uprooted his family several times – Wright hit stumbling blocks
and detours that could break the souls of most people. He endured criticism for
not putting his career first. He watched his own firms struggle and fail... more [+]
Capital Assets pays $27.98M for four Tulsa apartment complexes
TULSA – Capital Assets paid $27.98 million for four Tulsa apartment complexes, with
plans to spend $3.1 million renov ating the Class B properties. Capital Assets of
Tulsa paid $7.47 million for the 328-unit Sand Dollar on the River apartments. Adding
those 984 units brings the company to 5,043 under management in Tulsa and Oklahoma
City, eclipsing the mark Vice President Greg Wright targeted two years ago for optimum
critical mass. But with the national recession and continued tight credit making
mortgage refinancing far more difficult, president Royce Wright anticipates... more
[+]
Tulsa Firm Buys Texas Apartment Block
TULSA – Capital Assets paid $22 million for the 720-unit Windridge Apartments in
Arlington, Texas. That marks the first out-of-state acquisi¬tion for the Tulsa-based
multifamily opera¬tor, but Vice President Greg Wright said it will not be the last.
With 710 units under management in Oklahoma City and more than 4,000 in Tulsa, Capital
Assets hired 28-year indus¬try veteran Rosann Vaughn to direct its Oklahoma City
and Dallas/Fort Worth properties. Vaughn is a past president of the Apartment Association
of Central Oklahoma and vice president of the Oklahoma Multi Housing Association...
more [+]
CAP Rates on the Rise - The Apartment Report
Cap rates inch closer to historic norms and open up the marketplace for deals prices
at 2% to 3% higher caps from 2007 peak levels. While many previously active buyers
are comfortable on the sidelines, KJO Investments LP, Capital Assets Inc., Campus
Habitat, Olympus Property, Wesley Apartments and JV partner Westplan snap up deals
bearing 6% to 8% cap rates. However, even though sizeable funds are available for
opportunistic deals, rising cap rates will not necessarily equate to a shopping
spress as many buyers still exercise vigilance in the volatile capital market with
weakening renter demand...more [+]
Wrights Pay $8.1M for Tulsa Apartment Complex
TULSA – A group of Tulsa and New York investors paid $8. 1 million for the 272-unit
Silver Springs Apartments in Tulsa, and a $1.5 million renovation is in the works.
This marks the first of several multifamily complexes Greg and Royce Wright hope
to acquire in this troubled economy with partner NDC Capital Partners of New York.
“It was tougher to find the financing,” said Greg Wright, vice president of apartment
management company Capital Assets of Tulsa. “We obviously were able to do the deal
wi th SpiritBank. They gave us a great loan, but the options were less than normal...
more [+]