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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CHARLOTTE, NC – Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, in partnership with White Point, recently broke ground on a 24-tale building that will have 324 apartment homes and approximately 15,000 SF of ground-floor retail.
“South End is one of the premier urban neighborhoods in the Southeast,” Josh Glover, Senior Director of Development, said. “We’re excited start construction on Greystar’s second high-rise residential project in Charlotte, and the first institutionally-sized residential high-rise in the South End.”
Ascent South End will feature floor plans ranging from microunits to three-bedrooms plus two- and three-bedroom penthouses. Apartment home finishes will have high-end features typically found in custom homes, including custom closets, elevated appliance and fixture packages and highly functional kitchens. The building will feature more than 20,000 sq. ft. of amenity space so that residents can work, relax and exercise or visit the rooftop deck and delight in views of the Charlotte skyline.
WP is partnering with Greystar on the high-rise with the goal of making a unique place at the heart of South End. Designed with South End’s past as a warehouse district in mind, Ascent South End will feature a largely masonry exterior and oversized windows. The building is next door to WP’s plotted office tower and adjacent to Dilworth Artisan Station, a three-tale WP adaptive re-use property.
“We are thrilled to be partnering with White Point on this transformational redevelopment project, and to work closely with them to bring new life to this key part of South End,” said Glover.
“Ascent South End will bring highly sought after residential and retail space to South End, nicely complement our adjacent office tower development and Dilworth Artisan Station and will solidify this block as the premier live-work-play destination in Charlotte’s hottest area,” says Justin Trowbridge, Principal at White Point.
The development will focus on minimizing on-site waste and maximizing indoor environmental quality using smart thermostats, lighting control strategies and safer materials. Additionally, Ascent South End will feature EV charging stations and has a high walkability score with access to public transit.
In addition to Ascent South End, Greystar is working on several other developments in Charlotte, including Lower South End (“LoSo”), Indian Trail, Prosperity Village, Album Huntersville and a large two-phase project in University City.
White Point has $800+ million of mixed-use projects in plotting or under development in Charlotte, Charleston, and Raleigh.

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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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