CASE STUDIES

Gardens at Reding - SOLD

Oklahoma City, OK
Large club room for resident activities

Details & Amenities

  • Gated Community
  • Swimming Pool
  • Beauty Shop
  • Fitness Center
  • Resident Events
  • Washer/Dryer in every unit

Gardens at Reding - SOLD July 2016

3708 S. Douglas

Okla City, OK 73109

Phone 405-636-1537

157 Units



Gardens at Reding is an independent living, active seniors apartment community in the southwest Oklahoma City area for ages 62 and over. The property is neatly tucked in a residential area near Integris Southwest Hospital. The compact nature of the community gives it a feeling of community to its residents. Gardens features a fitness center, swimming pool, beauty shop, and many year-round planned resident events. The property offers well planned units that are easy to keep clean and inexpensive to heat and cool.

Gardens at Reding Apartments is one of the three apartment complexes in the 1013 Properties acquisition. Cornerstone executed sales contracts for all three properties (Oxford Oaks, Watersedge, Gardens at Reding) on May 15, 2009. Closing was held on October 15, 2009, five months after contract execution. The Cornerstone team met or exceeded every timing benchmark committed to under the contract. The closing was actually three separate closings. Having each property financed under a separate loan was more difficult, but gave flexibility for the future. The portfolio consistently operates at 98% occupancy. The remodel was completed in 15 months, income was increased and expenses were decreased. Three contracts, a $53 million transaction, due diligence on 1,013 units, $9 million of equity, and three HUD loan approvals.