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DevelopmentMultifamilyOklahomaTexas

Milhaus, Humphreys Capital Complete 276-Unit Oxlley Apartments in Edmond, Oklahoma

by Taylor Williams

EDMOND, OKLA. — A partnership between Indianapolis-based developer Milhaus and locally based investment firm Humphreys Capital has completed Oxlley Apartments, a 276-unit multifamily community in Edmond, about 15 miles north of Oklahoma City. Located at 101 W. Main St. in the historic downtown area, Oxlley features studio, one-, two- and three-bedroom units. Amenities include a 24-hour fitness center, electric vehicle charging stations, conference rooms for remote workers, a dog park and a pet spa. Rents start at $1,225 per month for a studio apartment.

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AcquisitionsOklahomaRetailTexas

Bain Capital, 11North Buy Three Oklahoma City Shopping Centers for $212M

by Taylor Williams

OKLAHOMA CITY — A partnership between Boston-based Bain Capital Real Estate and New York City-based 11North Partners has purchased three open-air shopping centers in the Nichols Hills submarket of Oklahoma City for $212 million. Nichols Hills Plaza, The Triangle at Classen Curve and Classen Curve collectively comprise nearly 40 acres and have a combined occupancy rate of approximately 97 percent. Whole Foods Market and Trader Joe’s anchor the centers, which are also home to tenants such as Lululemon, Warby Parker, West Elm, Anthropologie, Sephora and Kendra Scott. The seller was not disclosed.

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LoansMultifamilyOklahomaTexas

Red Oak Capital Provides $5.7M Bridge Loan for Downtown Oklahoma City Apartment Complex

by Taylor Williams

OKLAHOMA CITY — Red Oak Capital Holdings has provided a $5.7 million bridge loan for Penn Grand Apartments, a 105-unit multifamily complex in Oklahoma City. Located in the downtown area, the property consists of 14 two-story buildings on a 3.7-acre site. Nick Jans, Thomas Gorski and James Myatt of Red Oak Capital originated the two-year loan, which was placed by Sean Reilly of Regions Bank. The borrower, Gideon Properties, an investment firm that specializes in distressed assets, will use the proceeds to retire existing debt and rehabilitate units that were damaged by fire.

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DevelopmentIndustrialOklahomaTexasTop Stories

Emirates Global Aluminium to Open $4B Manufacturing Plant Near Tulsa, Create 1,000 New Jobs

by Taylor Williams

INOLA, OKLA. — Emirates Global Aluminium plans to open a $4 billion manufacturing plant near Tulsa in northeastern Oklahoma, an initiative that is expected to facilitate the direct creation of about 1,000 new jobs. A timeline for opening was not announced, but Recycling Today reports that construction could begin as soon as the end of next year. The facility will be located on more than 350 acres at Tulsa Port of Inola, a 2,200-acre industrial park with access to rail and nautical transportation networks. Once complete, the facility will be the largest of its kind in the country, producing billets, sheet ingots, high-purity aluminum and foundry alloys. The new Emirates facility is also expected to be responsible for the creation of 1,800 indirect jobs. According to ChemAnalyst, at full capacity, the plant will be able to annually produce 600,000 tons of the metal, a figure that reflects a virtual doubling of the current domestic aluminum production. The project team says this facility represents the first manufacturing plant for this material to come on line in the United States in the past 45 years. The news follows that of the $300 million investment from CBC Global Ammunition, which also selected Oklahoma …

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Leasing ActivityOklahomaRetailTexas

Trader Joe’s Signs 16,975 SF Retail Lease in Northwest Oklahoma City

by Taylor Williams

OKLAHOMA CITY — Trader Joe’s has signed a 16,975-square-foot retail lease in northwest Oklahoma City for its first grocery store in the state capital and fourth in the state. The space is located within the 155,000-square-foot Rockwell-Northwest Shopping Center, and Trader Joe’s will join Hobby Lobby and Burlington as the center’s anchor tenants. Tom Blanton with Blanton Property Co. represented the California-based grocer in the lease negotiations. Elise Lopez and Jim Martin internally represented the landlord, JAH Realty. A tentative opening date has not yet been determined.

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Residences at The Streets of St. Charles
AcquisitionsIllinoisIndianaKentuckyMichiganMidwestMissouriOhioOklahomaSoutheastTennesseeTexasTop Stories

Morgan Properties Acquires 11-Property Midwest Multifamily Portfolio for $501M

by Channing Hamilton

CONSHOHOCKEN, PA. — Morgan Properties has acquired a portfolio of 3,054 apartment units across 11 communities in eight states. Chicago-based Trilogy Real Estate Group was the seller in the deal, which was valued at $501 million. The communities — which are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee — were built between 1989 and 2018. Adam Doneger and Josh King of Newmark brokered the sale of 10 of the communities in the portfolio, while Walker & Dunlop brokered the sale of one property. Morgan Properties states that the firm plans to implement a value-add strategy to increase the marketability and comfort of the properties. Interior upgrades will include the installation of new flooring, appliances, cabinets and countertops, as well as smart home features. The new owner will also expand and refresh the onsite amenities. The acquisition expands Morgan Properties’ apartment holdings to more than 100,000 units across the nation. The Conshohocken-based development and investment firm now owns and operates roughly 360 communities in 22 states. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment,” said Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties. “Morgan Properties has a proven …

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AcquisitionsHospitalityOklahomaTexas

HotelBrokerOne Arranges Sale of 218-Room Hotel in Oklahoma City

by Taylor Williams

OKLAHOMA CITY — Locally based brokerage firm HotelBrokerOne has arranged the sale of the 218-room Best Western Plus Saddleback Inn in Oklahoma City. The hotel offers an onsite bar and restaurant in addition to complimentary breakfast, and guests also have access to a pool, indoor spa and sauna and meeting/event spaces. Ted Holmes led the transaction for HotelBrokerOne. The buyer and seller were not disclosed. The new ownership plans to renovate and rebrand the property under the Eagle Suites banner.

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AcquisitionsMultifamilyOklahomaTexas

Home Invest Acquires 100-Unit Apartment Complex in Del City, Oklahoma

by Taylor Williams

DEL CITY, OKLA. — Home Invest, a private investment firm and fund manager, has acquired Morgan Terrace, a 100-unit apartment complex in Del City, located southeast of the state capital. The sales price was $3.7 million, and the seller was an undisclosed, California-based investor. According to Apartments.com, Morgan Terrace was built in 1964 and offers one-, two- and three-bedroom units, as well as a courtyard and onsite laundry facilities.

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AcquisitionsIndustrialOklahomaSelf-StorageTexas

Marcus & Millichap Brokers Sale of 375-Unit Self-Storage Facility in Tuttle, Oklahoma

by Taylor Williams

TUTTLE, OKLA. — Marcus & Millichap has brokered the sale of Premium Storage, a 375-unit self-storage facility in Tuttle, a southwestern suburb of Oklahoma City. The site spans seven acres, and the property features 107,330 net rentable square feet across 37 climate-controlled units, 334 non-climate-controlled units and four commercial spaces. Bryan Quaschnick, Danny Cunningham and Brandon Karr of Marcus & Millichap represented the Dallas-based seller in the deal and procured the buyer, an out-of-state, privately held investment group. Both parties requested anonymity.

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Leasing ActivityOfficeOklahomaTexas

CBRE Opens 5,154 SF Office at Phillips Murrah Building in Midtown Oklahoma City

by Taylor Williams

OKLAHOMA CITY — CBRE has opened a 5,154-square-foot office at the Phillips Murrah Building in Oklahoma City. The Dallas-based real estate services firm is relocating from 3401 NW 63rd St. to the second floor of the building, which is located in the city’s Midtown area. The space features various social spaces that support collaborative work, including bench-seating workstations, focus rooms, phone rooms and a huddle room.

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