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Eastgate, a 240-unit multifamily apartment community in Tulsa, was acquired at an initial purchase price of $12,360,000 by Vesta Capital in 2020. As a direct result of the local property management company’s renovation efforts, the firm recently sold the community in full for $18,120,000 - achieving a 1.55x equity multiple for investors, announced the team.
For more information see https://vestarealproperty.com/news-release/vesta-capitals-stellar-property-management-drives-18m-sale-of-eastgate-multifamily-community/
Vesta Capital highlights the success of the project in a new report, which details the company’s commitment to delivering substantial investment returns. In this case, the Eastgate sale yielded a 17.8% total return - a significant figure amidst the backdrop of a tougher real estate market at present, notes Vesta Capital.
The Eastgate sale exhibits Vesta Capital’s capacity to help high-net-worth individuals (HNWIs) acquire stakes in larger multifamily or development projects as part of lucrative joint ventures. Headed by the firm’s founder and CEO, Marc Kulick, Vesta Capital’s team works to modernize property units and deploy proven strategies tailored to boost each project’s ultimate profitability.
“The value created at Eastgate was the direct result of our dedicated team, particularly our property manager and her excellent team, executing the business plan and significantly increasing the NOI,” said Kulick. “This sale is significant as it marks our second successful exit in six months - a period when accretive sales have been scarce industry-wide.”
Vesta Capital’s wider portfolio features more than 10,000 units spanning Oklahoma, Arkansas, and Kansas. Its Eastgate sale is among the latest in a long line of deals involving Class A, B, and C+ asset investment and management - with its team driving positive sales figures in areas ranging from Tulsa and Oklahoma City to Little Rock and Wichita.
The firm’s experienced professionals are equipped to assess and unearth financially viable projects, targeting a sustainable rate of return and ongoing revenue for investors regardless of the market’s cap rates. Its asset management branch is distinct in terms of the focused operational attention given to its properties, eschewing common outsourcing tactics in favor of a more comprehensive approach that looks to maximize profit margins for all parties.
Further details about Vesta Capital’s most recent property exit are available at https://vestarealproperty.com/news-release/vesta-capitals-stellar-property-management-drives-18m-sale-of-eastgate-multifamily-community/
Contact Info:
Name: Mario Gipson
Email: Send Email
Organization: Vesta Capital
Address: 6911 S 66th E Ave Suite 100, Tulsa, OK 74133, United States
Website: https://www.vestarealproperty.com/
Release ID: 89145988