Multifamily property sells for $32M despite current economic challenges
TULSA, OK / ACCESSWIRE / January 3, 2024 / Vesta Capital (Vesta), a fully-integrated real estate investment firm that specializes in the acquisition, renovation, and ongoing management of multifamily communities, today announced it has successfully completed the sale of Waterford, a 344-unity multifamily property located in Tulsa, Okla.
The Waterford property was initially acquired for $23,564,000 ($67,500 per unit) at the end of 2018. The divestment, now at $32,336,000 ($94,000 per unit), results in a total project return of 21.8% for investors and a project equity multiple of 1.92x. This transaction highlights Vesta's adept financial management and reinforces its position as a prominent player in the real estate investment sector.
"Over the past 5 years, we've achieved remarkable success at the Waterford community, delivering not only for our valued investors but also for the residents who call Waterford home. We take immense pride in what we've accomplished," said Marc Kulick, Founder and CEO of Vesta Capital.
"Now, as we navigate these uncertain economic times, I am equally proud and excited to secure a win for our investors and provide stellar returns. The sale of Waterford is not just a transaction; it's a testament to our commitment to excellence in the real estate industry."
Vesta Capital's current portfolio consists of 10,000+ units across Class A, B, and C+ assets in Arkansas, Kansas, and Oklahoma. Extensive experience in property management allows Vesta to bring operational expertise to their portfolio assets. Vesta is committed to delivering strong returns to investors and providing residents with exceptional living experiences.
"We are excited for the year ahead," Kulick said. "Throughout 2024 we plan to bring increased liquidity to our investors through sales and refinances, offer several new stable cash-flowing investment opportunities, and continue to grow our property management team for the betterment of our valued residents and investment partners."
About Vesta Capital
Vesta Capital is a privately held real estate investment firm that focuses on the acquisition and management of multifamily properties in Oklahoma, Kansas, and Arkansas. Vesta purchases properties that pass strict underwriting standards and that are positioned to perform well in a variety of market conditions.
Since its inception, Vesta has purchased over 9,600 units with a combined value of over $925 million in the Tulsa, Oklahoma City, Wichita, and Little Rock markets. Vesta Capital is constantly working toward identifying assets that will maximize returns for investors.
Vesta was founded by Marc Kulick and an experienced team of real estate operators and owners. Unlike many firms that outsource the most critical part of the business, Vesta's deep experience in asset and property management allows them to run the day-to-day management of all their properties. This vertically integrated approach, along with a focus on sourcing off-market deals, gives Vesta a unique advantage in the markets where they operate. For more information, visit www.vestarealproperty.com.
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Contact Information
Elizabeth King
Principal
ek@kingprmarketing.com
918-853-6771
SOURCE: Vesta Capital
View the original press release on newswire.com.
