LOS ANGELES, CA — DECEMBER 12, 2019 — Centre Urban Real Estate Partners has successfully sold Beaumont Cove Apartments comprising of 136 garden-style apartments in Tulsa, Oklahoma for $5.385 million or $39,600 per unit. Beaumont Cove is a legacy asset of Tahiti Partners Properties Corporation, which originally purchased the property in distressed condition for $2.856 million or $21,000 per unit in late 2010. The property was originally built in 1974 and comprises of 24 one-bedroom units and 112 two-bedroom units. Tahiti Partners successfully executed a renovation and stabilization business plan that saw significant value-creation as demonstrated by the ultimate disposition.
Centre Urban was represented by Evolution Management Corp., an affiliate of Centre Urban, and the buyer was represented by the CBRE in the transaction. The sale of Beaumont Cove is part of Centre Urban’s efforts to dispose of legacy assets not consistent with its current investment strategy.
Located in the northeast plains of Oklahoma, Tulsa is a historic city of nearly half a million people on the banks of the Arkansas River. Known for more than a century as a major oil and gas production center, Tulsa’s economy has grown into the aerospace and technology sectors more and more in the last few decades, and is home to a blossoming media industry as well.
Beaumont Cove is located in East Tulsa, a primarily residential and industrial community located in eastern Tulsa County. With a manufacturing industry that continues to thrive, East Tulsa also supports many retail and service sector jobs, including jobs in Tulsa's primary hospitality district.
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Centre Urban Marketing