TULSA, OK – American Residential Group announced construction plans for “The View”, a multifamily property to be located in the Tulsa Arts District. The proposed 198-unit, six-tale project will be the premier residential development in the city. 

The Class A complex will feature luxury unit finishes, rooftop amenity deck, expansive interior corridors and an attached parking structure. Along with a rooftop pool overlooking ONEOK Field, the property will offer stunning views of the Tulsa skyline.

The View will be located directly across the street from the ONEOK Field and will share a neighborhood with The BOK Center, Cain’s Ballroom and Guthrie Green. Adjacent to Tulsa’s Central Business District, the Arts District has evolved over the past several years into an energetic mix of world-class museums, eclectic restaurants, private businesses and entertainment spaces.

American Residential Group bought the entire square block on the Southeast corner of Archer & Elgin from the Tulsa Stadium Trust in 2015 for total redevelopment purposes. The lot falls in a Qualified Opportunity Zone, which allows investors in these targeted funds to receive substantial capital gains tax reductions. 

The project will break ground in early 2019 with a projected completion date of late 2020.

Tulsa-based American Residential Group is one of Oklahoma’s most prominent multi-family development firms with an outstanding track record of successful development and ownership throughout the city and region. In business for 30+ years, ARG has developed four other apartment projects in and around the Tulsa Arts District, including three of the most desirable residences in the market, The Edge at East Village, Metro at Brady and Tribune Lofts.

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MEMPHIS, TN – Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in residential assets, has successfully bought Preserve at Southwind, a 306-unit apartment community located in Memphis, TN. 

The latest addition to Balfour Beatty Communities’ multifamily portfolio was completed as part of a joint venture with ApexOne Investment Partners and American National Insurance Company and marks the Company’s first foray into the Memphis residential market. Newmark Knight Frankserved as the broker for the acquisition.

Built in 2000, Preserve at Southwind offers 1-, 2- and 3-bedroom apartment units ranging from 700 to 1434 square feet of living space. Located in the desirable Germantown/Collierville area, the community offers convenient access to major business hubs including FedEx World Headquarters and the World Technology Center, as well as the Memphis International Airport.

“We are excited to enter the Memphis market with the acquisition of Preserve at Southwind,” said Michael Price, senior vice president of residential transactions for Balfour Beatty Communities. “The area shows considerable promise for continued growth, making increasing demand for well-located, quality apartment homes. We look forward to capitalizing on that demand through a series of targeted property renovations and our world-class management services.”

Property management services will be provided by Balfour Beatty Communities as they work to reposition Preserve at Southwind as a best-in-class apartment community to serve the concentration of professionals working in the area’s thriving business district. Renovations will include updates to apartment home interiors, amenities and common areas.

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WEST DES MOINES, IA – Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, in a joint-venture with MLG Capitaland BH Equities, has bought the 222-unit, class-A Aspire Townhomes in West Des Moines, IA. The 332,180sf Aspire Townhomes, completed in June 2018, consists of twenty-six buildings and a clubhouse, and is currently in lease up at 76% occupied. BH Management has been awarded the management contract.

The off-market transaction closed December 14, 2018, for a price of $40,250,000, or $181,306 per unit, and FMC intends to spend about $500,000 on additional cosmetic improvements to the clubhouse and pool area. This is MLG’s second investment, and BHE’s first, with Four Mile Capital, and the partnership took out a new 70% LTV Freddie Mac mortgage through Prudential (“PGIM”) as part of their acquisition. 

“After over a year-long pursuit of Aspire, we are thrilled to close on our first Des Moines acquisition,” said Eric Mallon, one of FMC’s principals. “We had been drawn to the market for its economic strength and diversity, but the unrivaled physical product is what ultimately sold us on this deal. Aspire consists of large 2 and 3-bedroom floorplans, all with private entrances, 2-car attached garages, and upscale condo-quality finishes.” The new owners will continue the property’s lease-up and expect to stabilize occupancy at 95% within the next year. “We are fortunate to have such a strong operating partner in BH, a trusted equity partner in MLG Capital, and an efficient debt partner in PGIM. This was a highly complex acquisition that our teams navigated with aplomb,” said Mallon.

The Aspire Townhomes are located 20 minutes from downtown Des Moines, directly across the street from Wells Fargo’s residential mortgage corporate headquarters and minutes from the 1.3M SF Jordan Creek Town Center, one of the Midwest’s largest shopping complexes. “This might be the most well-located project of any that we own,” said Chris Geer, another FMC principal. “Our residents live at the doorstep of a huge variety of retail, dining, and employment opportunities, and Aspire represents a unique and meaningful housing option for this booming submarket.” Des Moines is consistently named to Best Places to Live and Work lists and was recently described as the fastest growing city in the Midwest.

Four Mile Capital continues to pursue additional investment opportunities throughout the U.S, with a specific focus on Colorado, Virginia, Atlanta, Iowa, Wisconsin and Salt Lake City. They use an opportunistic strategy in acquiring off-market properties that fall below the radar of its institutional peers, targeting investments with a total capitalization between $20MM and $100MM, and between $5MM and $35MM of equity.

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