The Harris Group of Marcus & Millichap Sells Four-Property Apartment Portfolio in Tulsa, OK for $53M

TULSA, OK – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a four multi-family portfolio, totaling 1,552 units, in Tulsa. The sales price of $52.95 million represented approximately $34,140 per unit.


Gregory Harris, an executive vice president investments and senior director of the firm’s National Multi Housing Group in Encino; and Chadd Davis, a multi-family investment specialist in the Encino office, represented the seller, Macco Properties, and the buyer, the Redfern Family Trust.

David Bohanon, an investment specialist in Marcus & Millichap’s Oklahoma City office, assisted in the transaction.

This acquisition marked Redfern’s first real estate transaction outside of California. “Initially, we had concerns about entering another state, but The Harris Group of Marcus & Millichap made us feel confident about our investment strategy,” says Tom Redfern, co-trustee of the Redfern Family Trust. “The research, due diligence and guidance we received from The Harris Group was integral to our investment decision.”

“The Redfern Family Trust required a 1031 exchange with immediate cash flow,” says Harris. “By using Marcus & Millichap’s unique marketing system, we were able to locate assets outside of Southern California offering returns that satisfied the requirements of his (Redfern’s) tax-deferred exchange.”

The portfolio includes:

· A 440-unit, 307,600-square foot multi-family complex at 7324 South Wheeling Avenue.
· A 512-unit, 307,600-square foot multi-family community located at 4414 South Garnett Road.
· A 216-unit, 149,600-square foot apartment asset located at 4404 South 109th East Avenue.
· A 384-unit, 278,400-square foot apartment complex at 2102 East 51st Street.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716.