Norman, Okla. — CBRE has arranged the sale of 2900 Apartments, a 556-bed student housing community located near the University of Oklahoma in Norman. Built in 1999, the property offers 156 units adjacent to the university’s golf course. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Matt Bukhshtaber of CBRE represented the undisclosed seller in the disposition of the property to Hamilton Point Investments.
“2900 Norman is trending toward 14.6 percent year-over-year rent growth for the 2022-2023 academic year,” says Vonderfecht. ”Implementing programmatic upgrades to match the offerings at nearby competitors will generate an anticipated 64 percent return-on-cost while maintaining an attractive value proposition for students.” The property was 99 percent occupied at the time of sale.