TULSA, OK – Elkhorn Capital Partners, one of Oklahoma City’s largest multifamily investment firms, expanded its commitment to the state with the acquisition of three separate Tulsa multifamily communities during December, totaling $22.4 million. In aggregate, this adds 505 units to Elkhorn’s growing portfolio in the region, which now includes twelve multifamily communities within the Oklahoma City and Tulsa MSA.
The three acquisitions included a heavily distressed Freddie Mac foreclosure known as Ivy Place Apartments. Ivy Place is a 260-unit garden-style apartment community with frontage on Highway 244. The transaction was brokered by David Dirkschneider and Mike Marrara from Capstone.
Elkhorn’s success is driven by its experience with distressed assets and financial acumen. “The receiver & Freddie Mac selected Elkhorn as the buyer due to our demonstrated ability to do under challenging situations and our reputation for doing what we say we are going to do – including closing within their very tight timeline requirements with no financing contingency. This asset profile is right in our wheelhouse,” said Bruce Fraser, Elkhorn’s Managing Partner.
He added, “This investment demonstrates another example of Elkhorn’s ability to work through special-situation acquisitions and do on a distressed sale, including heavy CAPEX needs with non-stabilized occupancy.”
Elkhorn completed four distressed situation acquisitions in Oklahoma City during COVID and now controls over 2,000 units in Oklahoma between Oklahoma City and Tulsa. The recent December acquisitions in Tulsa also included Meadowbrook and Madison Park apartments.
When questioned about Elkhorn’s entry into the Tulsa market, Fraser stated, “Elkhorn has benefited from our many investments in Oklahoma over the years. We do extensive quantitative analysis in targeting new markets, and based upon the metrics that we target, Tulsa was identified in the top-10 markets warranting our attention. With our significant existing presence in Oklahoma City, it made sense to prioritize Tulsa as our next logical go.”
“These acquisitions represent ongoing successful execution of our disciplined quantitative approach to investing in distressed yet well-located assets that we turn into high-quality housing for residents at affordable rents,” said Fraser. “Between our acquisitions and plotted capital improvements, we will be investing over $25 million in three properties within a two-mile radius, with a significant part of that capital earmarked to improve the quality of life for our residents and enhance the curb appeal of each community, contributing to a positive social impact. In addition, our investments will contribute to the revitalization of this neighborhood. We are excited to strategically grow our portfolio within the Tulsa market and plot on completing numerous additional investments throughout the area. Ultimately, we expect to invest well over $100 million in the Tulsa market – illustrating Elkhorn’s ongoing commitment to Oklahoma.”
“Elkhorn has a highly developed sense for spotting value,” clarified Dirkschneider. “Where most saw complications in the CAPEX needs and the non-stabilized occupancy of the foreclosure property, Elkhorn saw opportunity. This is an exceptional investment opportunity as they bring another multifamily community back online to benefit residents, the community, and investors. I have seen them do it numerous times previously.”

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PHILADELPHIA, PA – The University of Pennsylvania and Greystar Real Estate Partners, the global leader in the investment, development and management of high-quality rental housing properties, announced their partnership in the mixed-use redevelopment of existing student housing at 3600 Chestnut Street. The project will provide 588 beds in 473 units of furnished, attainably priced, graduate-focused housing and a rich amenity base designed to serve the needs of today’s Penn graduate students.
“The University enthusiastically joins in this partnership with Greystar, as specialists in rental housing for the collegiate marketplace, to kick off the construction and repositioning of this campus asset,” says Ed Datz, Executive Director of Real Estate at Penn. “We are glad we can preserve the existing building structure while meeting the goal of improving the offerings and better aligning the residential living needs of today’s graduate students.”
Greystar has teamed with local Philadelphia team of Barton Partners Architecture and Hunter Roberts Construction Group to complete a comprehensive renovation and modernization of Sansom Place East, while maintaining the exterior design integrity. This approach will make best-in-class housing for Penn’s graduate student population while maintaining Richard and Dion Neutra’s original architecture. The redeveloped Sansom Place East will provide complete bed-to-bath parity, wherein each bed will have a corresponding private bathroom, including in the 2-bedroom units. Each of the 473 units will also have its own washer/dryer. Greystar will also be delivering more than 12,000 square feet of state-of-the-art amenity space to include a fitness center, co-working lounges, a test kitchen, study rooms and large multi-function rooms. Additionally, Greystar will fully renovate the existing outdoor plaza with a deck, landscape, hardscape, and seating along with an indoor-outdoor connection to the new amenity space.
“The project team has worked hard over the last ten months to make this complicated redevelopment a reality. We are excited to see this project come to fruition as another step in our long-term commitment to the Philadelphia region,” said George Hayward, Sr. Director of Development, who oversees development for Greystar in the Pennsylvania, New Jersey, & Delaware region.
The existing building, built in 1970, was previously the only on-campus residence dedicated to graduate students. Ideally located, the redeveloped student housing will be only a block away from the Penn Law School; two blocks from both the Wharton School and the Graduate School of Education; and four blocks from the School of Engineering and Applied Science. Adjacent to the Sansom Place East property, the existing occupied commercial retail at street level and the Philadelphia Institute of Contemporary Art will remain open during construction.
“We are excited to partner with Penn to transform the graduate residential experience, strengthen connections to campus and to honor the architectural legacy of Dion and Richard Neutra through this innovative public-private partnership,” said Julie Skolnicki, Senior Managing Director of University Partnerships for Greystar. “Well-located, high-quality, attainable housing is critical to graduate student success and an vital part of Greystar’s commitment to higher education.”
This is Greystar’s second development start in the City of Philadelphia in the last six months and Greystar’s eighth student housing development start in the US over the last 12 months. Construction started January 2022, with an opening in time for the beginning of the 2023-2024 academic year.

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SACRAMENTO, CA – Soma Capital Partners, a privately-held real estate investment and advisory firm, announced the buy of 1430 Q Street Apartments in Sacramento, CA, for $57.1 million. The Property is located in the highly desirable Midtown neighborhood of the city.
The Property, an 8-tale, Class A building totals approximately 95,000 square feet, comprised of 8,700 square feet of ground-floor retail and 75 luxury apartment units. The Property was delivered in 2021 and is currently 95% leased with condo-quality unit finishes and ample parking. Located one block off the R Street Corridor, the Property is walking distance to countless dining, retail, and entertainment options in both Midtown and Downtown.
SCP bought the property in partnership with a core-plus investment vehicle managed by Argosy Real Estate Partners. During escrow, SCP/AREP negotiated a sale and 99-year lease-back of the land with iStar Financial s SafeHold REIT, a pioneering strategy for the Sacramento market.
Peter Horn, Partner with SCP, commented, We re thrilled to buy a best-in-class asset in a market with such strong multifamily fundamentals as Sacramento. Utilizing a creative capital structure, we hope to deliver outsized risk-adjusted returns for a core-profile investment.
Jordan Caspari, Partner with SCP, added, This Property checks all the boxes for us to attract interest from both tenants and investors over the long term with an A+ location in Midtown, new construction of high-quality residences, ample parking, and brilliant access to downtown and the freeways at the intersection of Q and 16th Streets.
Tye Palonen represented SafeHold in the transaction. Scott MacDonald and Jason Parr from Cushman & Wakefield represented the sellers on the transaction. Chris Botsford and Rene Alvarez with Walker & Dunlop provided loan advisory services to secure leasehold financing for the Property.

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