Westover Companies has acquired The Pointe at North Penn, a 134-unit multifamily community in Edmond, Oklahoma, from Juniper Investment Group for $17.2 million. The transaction represents approximately $128,358 per unit.
Built in 2014, the two-story property at 19501 N Pennsylvania Ave features a mix of two- and three-bedroom units. The apartment community offers various amenities and has a current vacancy rate of 6%.
King of Prussia, Pennsylvania-based Westover Companies owns 148 properties totaling more than 16.7 million square feet across multiple states, with multifamily properties comprising 63.5% of its portfolio. The acquisition adds to Westover's growing multifamily holdings, which represent over 83% of its total square footage.
The seller, Juniper Investment Group, acquired the property in November 2021 for $15.6 million. Founded in 2000, Juniper specializes in Class B and C multifamily properties throughout the sunbelt region and has acquired over 25,000 units across thirteen states.
For the record
Justin Wilson, Tim McKay and Brandon Lamb of Newmark represented both the buyer and seller in the transaction.