HOUSTON, TX – Bodka Creek Capital has bought Terraces Apartments, a 240-Unit Class C Multifamily Complex in Texas City, Texas, for $17.6 million, marking the Houston-based real estate firm’s continued expansion.
Terraces@2602 is the first acquisition for Bodka in 2021, following the close of two complexes in 2020. Bodka currently manages a $24 million commercial real estate portfolio with over 300 multifamily units really nearly 300,000-square feet. The acquisition positions Bodka as the largest African American Woman owned real estate investment firm in Texasand among the Top 3 nationwide. The firm will pursue increasingly larger value-add opportunities across the Southeast with a Texas emphasis.
Located at 2602 21st Street N, the 164,614-square foot Terraces@2602 was 99 percent leased at closing. The property, one of the most desired in Texas City, features two sparkling swimming pools, onsite laundry facilities, a resident dog park, and reserved parking. With over 10.5 acres, the silent community has ample space for individuals and families to delight in.
While Bodka invests in urban and suburban markets, they were drawn to the attractive risk/reward fundamentals of this Houston submarket, according to Founder & Managing Partner Allyson M. Pritchett.
“Terraces is a stabilized multifamily property with several significant value-add opportunities in one of the fastest growing submarkets in Houston,” said Pritchett. “We were able to secure the asset at an attractive cap rate and at a price substantially below appraisal value. We look forward to buying as many deals with this kind of profile as there are opportunities to do so.”
Investment Partners included Pritchett’s brother, Theodore E. Pritchett III, as well as Daniel Hamann and Graham Crain, who also partnered on Gulfwind Apartments. Naval Sehgal, Ash Shah, and Brian Pope rounded out the partnership.
Jonathan Paine and Tom Fish of Walker & Dunlop’s Houston Office and David Kwitman of Ready Capital’s New York Office secured the debt. Matt Saunders of NKF’s Houston Office represented the seller.

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DALLAS, TX – A joint venture between a subsidiary of Cantor Fitzgerald Income Trust and affiliates of Cantor Fitzgerald, L.P. and CAF Management, bought a 304-unit Class A multifamily property known as Keller Springs Crossing located in Carrollton, a submarket of Dallas, TX. The acquisition closed February 25, 2021 and is the third multifamily acquisition by joint ventures between Cantor Fitzgerald sponsored companies and CAF in the greater Dallas area.
The property is strategically located near Dallas North Tollway and President George Bush Turnpike, with simple access to DFW international Airport and major employment centers including the Platinum Corridor, Telecom Corridor, I-90 Corridor, and the Dallas Central Business District. Nearby downtown Carrollton offers commuters multiple light rail transit options with Dallas Area Rapid Transit (DART) and service to Denton using the Denton County Transportation Authority (DCTA). In addition, Keller Springs Crossing is minutes from world-class shopping and premier country clubs along with gorgeous parks and wooded areas.
“The property is a high-quality and well-located asset in a submarket that has remained strong throughout the pandemic,” said Chris Milner, President of CF Income Trust. “Research shows that demand in the DFW multifamily market over the last 12 months has been the highest in the country making this an attractive addition to our growing real estate platform” added Jay Frank, COO at Cantor Fitzgerald Investment Management.
Built in 2015, the property features 13 different floor plans with an average unit size of 841 square feet. Community amenities include a fitness center, resort-style swimming pool, game room, business center, and a pet park. As of February 24, 2021, the property was 92.4% leased, which is consistent with the Carrollton submarket that averaged 93.8% occupancy during Q3 2020.
“We are thrilled to continue our partnership with Cantor Fitzgerald on this acquisition, which represents a high-quality asset in a fantastic location that we hope will make value for investors” said Chris Faulkner, CEO of CAF Management.”
Cantor Fitzgerald’s real estate investment management portfolio currently includes 4,325 multifamily units in addition to over 6.8 million square feet of office, industrial, and retail space across 116 properties. In 2020, Cantor Fitzgerald participated in more than $72.3 billion of total real estate transactions.

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OAKLAND, CA – CIM Group announced that it has completed construction of Channel House, an eight-tale residential community, featuring 333 apartments and ground floor retail, at 40 Harrison Street at Jack London Square, a 12-acre entertainment and business destination on Oakland s waterfront. Channel House is bounded by Embarcadero West, Alice Street, and Harrison Street, and is also adjacent to the San Francisco Bay Trail.
Channel House is located on one of three land parcels, which CIM bought in March 2016, along with seven buildings in Jack London Square — three office buildings with ground and second floor retail; three retail buildings; and a parking structure with ground floor retail.
CIM Group brings its long-standing development and operational expertise to enhance Jack London Square. The development of Channel House and ongoing leasing activities at Jack London Square advance CIM s program to bring a complementary mix of uses and offerings that appeal to residents, visitors, and tenants. Channel House residents will have the area s many shopping, dining, entertainment, and recreation options at their doorstep.
The apartment building s architectural design takes full advantage of its waterfront location with a glass façade providing sweeping bay views, balconies, and landscaped courtyards. The building offers residents a host of on-site amenities including outdoor terraces and lounges, a fitness center, and a bike storage and repair facility. Residences are configured as studio, one- two- and three-bedroom floor plans. Approximately 2,000 square feet of ground floor retail will further enliven the pedestrian street experience.
CIM has been involved in the Greater Bay area since 2001, when it identified the community as possessing the attributes that fit its stringent criteria for qualified communities, which includes established and emerging urban areas with solid infrastructure and transportation networks. CIM s first Oakland acquisition took place in 2007, and it has remained an active owner and operator in the area. In addition to Channel House, CIM Group recently debuted 1150 Clay Street, a 16-tale, 288-unit apartment building, and has just completed the sale of Uptown Station, the redevelopment of a former department store located in the Uptown district of downtown Oakland into a 355,000-square-foot office building leased by Square.

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