Rose Rock Development Partners has added a downtown property to its collection.
The group this week purchased Vandever Lofts, 16 E. Fifth St., from Brickhugger for $4.5 million, said Rose Rock CEO and Tulsa-based Steven Watts. Brickhugger is headed by the John Snyder family, whose redevelopments include the historic Mayo Hotel.
Rick Guild of the Guild Company brokered the transaction.
Rose Rock will add four residential units to Vandever, bringing that number to 44. GH2 Architects will assist with interior design and architecture work.
Watts and partners also plan to upgrade the building by adding a tenant lounge and workout facility and renovating common spaces, including laundry rooms and hallways. The ground floor will be marketed for retail.
The acquisition of Vandever Lofts brings Rose Rock’s apartment unit count up to 109, which includes 65 units in the Adams Building, 403 S. Cheyenne Ave. Rose Rock will open 80 more apartments when it completes a transformation of the Reunion Building, 9 E. Fourth St., this summer.
“We hope to capitalize on all of the momentum being seen right now with ground floor retailers and with apartment demand in downtown Tulsa,” Watts said in a statement. “The Vandever Lofts are one of the early apartment developments in downtown Tulsa, and we are thrilled to add it to our growing portfolio.
“The Snyder Family (Brickhugger) did an excellent job developing and managing this property and we hope to continue their legacy.”