Garden Cottages Apartments under new ownership

The sale of Garden Cottages Apartments in west/central Norman was finalized on Wednesday.
The 34-unit property, located at 2201 W. Brooks St., was sold to Imago Brooks LLC of Broomfield, Colorado for nearly $2.6 million, or $76,281 per unit from Norman GC, LLC, who built the property in 2010.
The sale was handled by Mike Buhl of Commercial Realty Resources Co., who had the exclusive listing on the property. Natalie Reid of First American TItle handled the closing on Wednesday.
Garden Cottages had a 100% occupancy rate at the time of the sale. The property has a unit mix of one bedroom, one bathroom apartments with 580-square-foot floor plans. Rental rate is $670 per month for one of the original units, with the two most recent apartments renting for $750.

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