Vesta Capital sells Eastgate property for $18.1 million

TULSA Vesta Capital, a real estate investment firm specializing in multifamily communities, has successfully sold Eastgate, a 240-unit property in Tulsa, Oklahoma.

Acquired in June 2020 for $12.36 million ($51,500 per unit), Eastgate was recently divested for $18.12 million ($75,500 per unit), yielding a 17.8% return for investors and a 1.55x equity multiple.

"This sale is significant as it marks our second successful exit in six months, a period when accretive sales have been scarce industry wide," said Marc Kulick, Vesta Capital CEO and founder. "The value created at Eastgate was the direct result of our dedicated team executing the business plan and significantly increasing the NOI."

Vesta Capital’s portfolio includes over 10,000 units across Class A, B and C+ assets in Arkansas, Kansas and Oklahoma. The firm's expertise in property management enhances operational efficiency and maximizes asset value, demonstrating Vesta's commitment to delivering strong returns despite challenging market conditions.

Copyright © 2024 BridgeTower Media. All Rights Reserved.

For top headlines, breaking news and more, visit journalrecord.com or sign up for our newsletter .