Exact Capital has paid $59 million, or $69,411/unit, for the Isola Bella Apartments, an 850-unit affordable-housing property in Oklahoma City.
The New York developer purchased the property from Accord Interests of Austin, Texas.
The property, at 6303 NW 63rd St., is encumbered by a $44.8 million loan that was securitized through Greystone CRE Notes Ltd., 2019-FL2, a collateralized loan obligation. It pays a coupon pegged to Libor plus 315 basis points and is set to mature in September 2023. It is open to prepayment.
The apartments generated $2.1 million of net operating income last year, according to servicer data compiled by Trepp Inc. That gives Exact Capital’s purchase price a 3.6 percent capitalization rate.
Isola Bella, which will be renamed Alora Apartments, has one-, two-, three-and four-bedroom units that are offered to residents earning up to 60 percent of the area’s median income. Exact said it would preserve the property’s affordability. Units have washers and dryers, dishwashers, granite countertops, fireplaces, walk-in closets and patios or balconies.
The property is about 12 miles northwest of downtown Oklahoma City and includes an indoor swimming pool, five outdoor pools, fitness and business centers, a lounge, game room, basketball and tennis courts and a courtyard with grilling and picnic areas.
The purchase price includes a planned renovation to units at the property.
Exact Capital develops and owns affordable-housing properties across the country.
