BIXBY, OKLA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $14.7 million in joint venture equity for a 161-unit, build-to-rent residential community in Bixby, a southern suburb of Tulsa. The development will offer one-bed duplexes and two-, three- and four-bedroom farmhouse-style homes. Residences will feature private garages and backyards, and communal amenities will include a pool, fitness center and a clubhouse. Justin Shuart and Travis Headapohl of MMCC structured the equity on behalf of the developer, a partnership led by ACRE Development Partners.
TULSA, OKLA. — Dallas-based Mohr Capital has acquired 20 acres at the corner of 71st and Elwood streets in Tulsa for the development of a 50,000-square-foot retail project that will be branded Tulsa Marketplace. Outdoor apparel and equipment retailer REI will anchor the center with a specialty, build-to-suit store, and Mohr Capital will target five national credit tenants to round out the roster. Completion is slated for spring 2024.
OKLAHOMA CITY — Dallas-based Gatehouse Capital will develop a 132-room hotel with OAK, a 20-acre mixed-use project in Oklahoma City by Veritas Development. The property will be branded as the Lively Hotel, which is part of the Hilton family of brands. Amenities will include a pool, onsite restaurant, rooftop bar, fitness center, 2,600 square feet of meeting and event space and 13,500 square feet of retail space. Nelson Worldwide is the project architect, and Vincit Constructors is the general contractor. Valor Bank provided construction financing. Sitework is underway, and construction is expected to last about 24 months.
OKLAHOMA CITY — A partnership between Houston-based developer Tradewind Properties and Arkansas-based ERC Holdings is underway on construction of PURE OKC, a 150-unit multifamily project in Oklahoma City. Located within the 24-acre Brookstone Village master-planned development on the city’s southwest side, PURE OKC will offer one- and two-bedroom units that will be housed across four three-story buildings. Courtyard Block & Building is designing the project, and Pick-It Construction Inc. is serving as the general contractor. Greystar will manage the property. The first units are expected to be available for occupancy this fall.
OKLAHOMA CITY — Indianapolis-based multifamily developer TWG will build Fairground Flats, a $47 million affordable housing project in Oklahoma City. The six-building, 216-unit complex will house one-, two- and three-bedroom units that will be reserved for households earning 60 percent or less of the area median income. Amenities will include a pool, fitness center, playground and a clubhouse with a computer lab. The Oklahoma Housing Finance Agency provided a $33.6 million tax-exempt bond for the project. Construction is slated for an early 2024 completion.
NASHVILLE, TENN. — Nashville-based Matthews Real Estate Investment Services has arranged the $16.1 million portfolio sale of eight stores leased to the combo Family Dollar-Dollar Tree discount retail concept. The stores are located in Blountsville and Clayton, Ala.; Pauls Valley, Warner and Maud, Okla.; Edison, Ga.; Lincoln, Ark.; and Coldiron, Ky. Josh Bishop of Matthews represented the seller, an unnamed developer that built the stores. The undisclosed institutional buyer purchased the assets at a cap rate of 6.4 percent.
NORMAN, OKLA. — Marcus & Millichap has arranged the sale of Cambridge Mini Storage, a 754-unit self-storage facility in Norman, located south of Oklahoma City. The facility totals 87,700 net rentable square feet. Bryan Quaschnick, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the locally based seller in the transaction and procured a Dallas-based private partnership as the buyer. Both parties requested anonymity.
HOUSTON — Bellwether Enterprise Real Estate Capital has provided a Freddie Mac Transitional Line of Credit for Aspen Park, a 256-unit affordable housing complex in Houston. The amount was not disclosed, but the financing is part of a $150 million credit facility for a quartet of properties in Texas and Oklahoma. The borrower, Alabama-based Envolve Communities, will use the proceeds to refinance existing debt, preserve affordability and fund capital improvements. Jon Killough and John Roberts of Bellwether Enterprise originated the financing. Aspen Park houses one-, two- and three-bedroom units, the majority of which are reserved for renters earning 60 percent or less of the area median income.
DENVER — A subsidiary of Denver-based investment firm Montfort Cos. has purchased The Chisholm Corner Portfolio, a collection of 19 gas station and convenience stores in southwest Oklahoma. The subsidiary, 7E Holdings LLC, will subsequently assume operations of all stores, the exact locations of which were not disclosed. Grant McWhirter of Southwest Petroleum Realty represented the seller, Bostick & Associates, in the transaction.
BARTLESVILLE, OKLA. — Fort Worth-based investment firm MAG Capital Partners has acquired a 76,673-square-foot industrial portfolio in Bartlesville, a northern suburb of Tulsa. The portfolio comprises two buildings totaling 41,525 and 35,148 square feet that respectively feature 14- and 19-foot clear heights. J.C. Asensio, Briggs Goldberg and Andrew Sandquist of Newmark represented the seller, ImageFIRST Healthcare Laundry Specialists, which has entered into a sale-leaseback agreement with MAG Capital Partners.