TULSA, OK – Four Mile Capital has expanded its multifamily portfolio with the buy of the Meridia Apartments and Birdcage Garage with a 93-unit, class-A LEED Silver-certified mixed-use apartment building in downtown Tulsa, Oklahoma. Located in the Deco District of downtown Tulsa, the Property is comprised of 84 one-bedroom units, 8 two-bedroom units and 1 three-bedroom unit, 19,065sf of retail space and 252 income-generating parking spaces. Greystar has been awarded the property management contract.
The transaction closed on February 14, 2022, for $27,250,000. As part of their acquisition, FMC raised over $9.5M in equity and secured a $19.5M loan from UBS Bank.
We have been tracking the Tulsa market over the past year, so we are excited to have finally closed our first deal in the market, says Eric Mallon, one of FMC s founding partners. We like the downtown Tulsa submarket, in particular the Deco District where the Meridia is located, which we see as an energetic, transitional neighborhood. No longer is downtown and the CBD made up of strictly office users; it s now home to some fascinating residential developments with more slated to deliver in the years to come.
The upscale urban asset offers significant resident amenities, including a modern club room and entertainment lounge, Amazon package lockers, maid service, laundry and dry-cleaning service, dedicated controlled-access parking, complimentary YMCA gym membership, and access to in-building restaurant and retail shopping, including downtown Tulsa s only grocery store (DGX Market) and an elegant and very well loved basement speakeasy called Boston Title and Abstract.
The fully renovated apartment finishes include 9-foot ceiling heights, floor to ceiling windows, quartz countertops, fully equipped kitchens with stainless steel appliances, hardwood floors, design tiles, built in bookshelves, walk in closets, washer and dryers, and oversized open-air balconies in 88 of the 93 units. The Birdcage, located diagonally from the Meridia, was built in 1960 and was remodeled in 2019. The Birdcage includes 252 parking spaces and 4,915 sf of retail space, including a ramen restaurant and a retail dog washing business.
The Seller did an brilliant job converting this former office building into a LEED Silver-certified residential community, and we are thrilled to steward the property into its next phase. With the physical and operational aspects of the property already stabilized, our efforts will focus on optimizing parking operations at the Birdcage while adding to the already impressive retail tenant base. We also expect to capture strong submarket tailwinds and benefit from continued organic rent growth in order to achieve superior risk-adjusted returns for our investors over the projected 4-year hold period, said Chris Geer, another Four Mile founding partner.

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GREENSBORO, NC – Addison Partners, a real estate investment firm focused on acquiring well-located multifamily properties in strategic growth markets in the Southeast, announced it has sold three communities totaling 178 units in Greensboro, N.C. The buyer and the sales price were not told.
The three communities were the 72-unit Pepper Tree Apartments, the 62-unit Nottingham Apartments and the 44-unit Guilford Place Apartments.
“2022 will be a very busy and productive time for our company, in terms of both acquisitions and dispositions, and the sale of these three properties certainly gets our year off to a fantastic start,” said Brian Schneider, a principal and co-founder of Addison Partners. “Our ownership of these properties is an outstanding example of our investment strategy. We bought three undervalued communities in need of physical and operational improvements, and we made the necessary investments. As a result, we were able to boost rents, significantly increase asset values and deliver best-in-class returns to our investors.”
As 2022 unfolds, Addison will explore acquisitions in secondary and tertiary markets throughout the Southeast. The company currently owns communities in the Birmingham, Ala., Greensboro, N.C., and Charlotte, N.C., metros, and is exploring expansion opportunities in similar metros in the Southeast, as well.
“With the booming population growth and employment centers found across the Southeast, this is a very exciting time to be a multifamily investor in this area,” said Mary Stewart Malone, a principal and co-founder of Addison Partners. “In addition, because of our data-rich and expert-based property evaluation techniques, we are well-positioned to find hidden and undervalued investment gems. Through our unique methodologies to drive rent growth and through relatively simple-to-do physical improvements, we are able to deliver attractive investment returns.”

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SAN CLEMENTE, CA – Greystar, a global leader in the investment, development, and management of high-quality rental housing communities, announced that it has closed on the land at 515 Avenida Vaquero for Everleigh San Clemente, to build a new 55+ Active Adult apartment home community.
“Everleigh San Clemente is ideal for people that have been living in San Clemente since they bought their first home and don’t want to leave the charming beach town,” Emily Clark, Regional Property Manager said. “The community has an ideal location just a mile from the ocean with access to the Pacific Coast Highway, which features a convenient walking and biking trail that extends to Dana Point.”
Additionally, the community is located just down the street from San Gorgonio recreational park and the San Clemente outlet center.
Everleigh San Clemente, the first luxury active adult community in the city, will be built on the former Shorecliffs Golf Club Driving Range. In addition to the community itself, Greystar is developing Shorecliffs Golf Club’s new clubhouse and upgrading the course itself. Future residents of Everleigh San Clemente will delight in the benefits of Shorecliffs Golf Club’s new membership program.
Everleigh San Clemente provides an option for 55+ active adults seeking to right size and live a resort-inspired, maintenance-free lifestyle while remaining in San Clemente. It is also ideal for young families looking for a housing option for their parents to be closer to their families and grandchildren.
The community is scheduled to start early apartment home reservations in July 2022 and open May 2023.

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