Luxury apartment complex near downtown Tulsa sold for $68 million

TULSA, Okla. — A luxury apartment complex near downtown Tulsa recently sold for $68 million.

The Cosmopolitan at Riverside Drive and Denver Avenue is located directly across the street from the popular running and biking trails that line the Arkansas River.

FOX23 reached out Newmark, a commercial real estate brokerage company whose Tulsa office sold the property, to learn more about the monumental sale.

The sale of the four story 264-unit apartment community located at Denver Avenue and Riverside Drive along the Arkansas River for $68 million is a notable one.

At $257,576 per apartment, the sale marks one of the highest per unit prices in Tulsa’s history.

Casey Stowe, Senior Vice President of the Tulsa Authority for Economic Opportunity shared his reaction to the sale with FOX23:

“We’re just really excited because strong sales can be equated with a strong market,” he noted.

The sale marks the New York real estate company Kushner’s first foray into Oklahoma.

A statement Newmark shared with FOX23 from Riley Wilson who oversees Acquisitions for Kushner reads:

“We are thrilled to enter the great state of Oklahoma by acquiring our first asset in Tulsa, which has been a target market for us for quite some time. We wanted to be in this market due to its employment and growth profile which is evident with all the new commercial development that is occurring in the downtown corridor, steps away from our asset.”

A quick drive through the downtown area on Wednesday afternoon revealed a number of housing projects under construction right now including Davenport Urban Lofts, 111 Greenwood, and the purchase of the Sinclair Building by the Ross group:

“That’s been a great historic asset for the city that’s been vacant for some time,” Stowe remarked, “so I love it when there’s a historic rehabilitation but I also love it when you take an asset that’s been shuttered and bring it back to life.”

Despite the growth, Stowe says there is real lack of affordable housing in Tulsa.

If the New York real estate company that made this major purchase, Kushner, sounds familiar, it’s because Jared Kushner, the son-in-law of former President Donald Trump, was the CEO until 2016.

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