Dallas Based Company Buys Tulsa Apartment Complex
TULSA, Oklahoma - A Dallas company just bought an apartment complex in Tulsa.
They now own the former Westport on the River apartments.
There are more than 600 units along the Arkansas River have been there since the 80's but needed some work.
Dallas based Knightvest Property Management bought it this spring and it could be a gamechanger for this part of the city.
Crews are hard at work painting and building new patios.
The pool, just feet from the banks of the Arkansas River, has been redone and the one and two-bedroom apartments were all given a facelift with granite and stainless steel.
“We go in and buy properties that are a little distressed and in areas that have a lot of growth potential,” said Knightvest spokesperson Casey Board.
Board says it didn't take long for her Dallas based property management firm to realize they needed to be in Tulsa and invest close to $8 million in the property now named Waterside.
“We came up and knew there was a lot of development happening, especially in the Downtown area and we wanted to be a part of it,” she added.
They are right next door to the newly renovated Riverwest Park, home to the raft race and Tulsa's beloved Oktoberfest.
Also, OSU has expanded its campus.
City Councilor Jeannie Cue says it’s about time people started acknowledging what amenities are out here.
“If you love bicycling, rails, jogging, we have it all,” said Cue. “We are just five minutes from Downtown Tulsa."
But Cue admits there are some hurdles to cross because when you think of this area of West Tulsa, it might not be a place where many imagine young professionals choosing to live.
“We have a reputation is the big thing and we have to look at rebranding,” she stated.
So, maybe this will be the start of it. Knightvest says this purchase might be their first here in Tulsa but definitely not their last.
As far as rents, all units come out to around a dollar per square foot.