New York-based private equity investment firm Wynmor Management has acquired London Square Apartments, an apartment complex in Tulsa, Oklahoma for $6.6 million.
The multifamily property, located at 2217 East 59th Street features six two-story rental buildings totaling 173 units and an additional building that serves as an office. The 150,116-square-foot complex was built in 1967. Wynmor plans to upgrade the majority of units at the property and implement institutional-style property management.
The sellers are two Northern California-based companies, National Holdings LLC and London Square-MBD LLC. Wynmor and its investment partners invested the equity while the remaining capital came from Arbor Realty Trust as an acquisition loan with a three-year term.
“This is Wynmor Management’s first acquisition in a pipeline of many acquisitions to come in Oklahoma and the surrounding states,” said Wynmor Management Managing Partner Josh Bernstein. “Our national experience in acquiring and improving garden style multifamily allowed us to analyze and understand the opportunity at London Square.”
Wynmor partnered with MD2 Property Group, a New York CIty-based property management firm to acquire and manage the property. Wynmor and MD2 have been actively looking to build a footprint outside of NYC after the changes to rent laws in June 2019. “Our partners have strongly endorsed our acquisition strategy, team, diligent planning and execution of our business plan,” added Bernstein.
Michael Sullivan of Berkadia’s Kansas City office represented the seller.