Henderson finally sells his Legacy Properties
I hope he spends his money on a quality project in OKC for once. He should have to pay Urban Renewal back the money on the deal he got for his downtown property, watering it down, waiting 3 years, and then skipping out before it was completed.
Henderson family's ‘Legacy' becomes a record sale
Comments 0BY RICHARD MIZE
Published: November 8, 2008
Legacy Corner, 777 N Air Depot Blvd. in Midwest City, built in 2004, sold for $26.6 million. By Jim Beckel
A Chicago company paid a record $132.1 million for developer Mike Henderson's four “Legacy” apartment complexes in a nearly year-long deal that closed Friday.
Sold were Legacy at Arts Quarter downtown, Legacy Crossing at 3131 SW 89, Legacy Woods in Edmond and Legacy Corner in Midwest City.
The buyer was Inland Real Estate Acquisitions Inc. The portfolio closed at a capitalization rate of 7.13 percent. Sperry Van Ness handled the complicated transaction. The per-unit price paid for the downtown complex, $129,033, set a state record.
An emotional Mike Henderson, 71, and his business partner and wife, Vonda, 70, said selling the properties helped them finally put the 1980s real estate bust behind them. The Hendersons were among developers and investors caught in the post-oil boom real estate crash a generation ago.
15-second rule
Mike Henderson insisted that he could not have returned to success without his late father, C.A. Henderson, “for giving me vision,” his brother, Travis, for his ethical example, and his wife, with her “15-second rule.”
Whether Web site, clubhouse or model apartment, she said, an apartment owner-manager has 15 seconds to get a potential renter's attention.
Vonda Henderson's management of the properties, with assistance from Mary Gron, helped add value to the Class-A Legacy apartments, which made them attractive to the out-of-state investor that bought them, Mike Henderson said.
“There are so many people that helped shape the Legacy brand into what it has become and I want to also thank God for giving me the strength and vision with this project,” he said. “I believe the Legacy brand we created in these four communities was essential in obtaining the type of residents we have and the great occupancies at all four properties.”
A flight of quality
Andy Burnett and Gary Gregory of Sperry Van Ness in Oklahoma City represented Henderson. Tim Strange of Sperry Van Ness in Oklahoma City and Terry R. Yormark II of Sperry Van Ness in Chicago represented the buyer.
“This transaction shows a flight to quality, not only in our local market but across the country,” Burnett said.
“Buyers are looking for first-class product and that is exactly what Mike Henderson has built with Legacy,” he said.
AT a glance
What a Legacy
Developer Mike Henderson's business legacy is the Legacy apartment portfolio he sold Friday.
Legacy at Arts Quarter, 301 N Walker Ave. in downtown Oklahoma, built in 2007. The 303-unit property sold for $39,097,000 — or $129,033 per unit, a state record.
Legacy Corner, 777 N Air Depot Blvd. in Midwest City, built in 2004. The 298-unit property sold for $26.6 million — or $89,261 per unit.
Legacy Crossing, 3131 SW 89, built in 2001. The 396-unit property sold for $30,827,000 — or $77,847 per unit.
Legacy Woods, 1919 E Second St. in Edmond, built in 1999. The 328-unit property sold for $35,584,000 — or $108,488 per unit.
Source: Sperry Van Ness Oklahoma City
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