DALLAS, TX – Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, recently completed the Alameda View Apartments, a new affordable housing complex in Aurora, Colo.
Gardner Capital developed the Alameda View Apartments in partnership with the City of Aurora; CHFA provided low-income housing tax credit for the project, as well as lender Citibank and tax equity partner Stratford Capital Group. Arco Construction served as general contractor for the project. In addition, Gardner partnered with Denver Urban Gardenswith a focus on supporting sustainable agriculture and community building.
“As the need for affordable housing continues to grow, we are honored to make high-quality, versatile living spaces that are convenient to work, transportation and the best of Aurora,” said Michael Gardner, President and CEO of Gardner Capital. “Our team of partners came together seamlessly to expand local affordable living options.”
Located at 15501 E. Alameda Pkwy., the apartments delight in walking trails and close proximity to public transportation. The 116-unit mid-rise complex includes 20 one-bedroom apartments, 60 two-bedroom apartments and 46 three-bedroom apartments. Ross Management serves as property manager for the Alameda View Apartments.

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NEW YORK, NY – Hunt Real Estate Capital, a division of ORIX Real Estate Capital, announced it has provided a Fannie Mae conventional multifamily loan in the amount of $6.4 million to refinance a property located in Glen Burnie, Maryland, a suburban community near the Baltimore-Towson metropolitan area.
Glen Burnie Town Apartments is a 54-unit, four-tale property that was built in 2000 and bought by the borrower in 2018 via a proprietary bridge loan from Hunt. The new Fannie Mae loan puts in place low-cost, permanent financing and provides additional funds for repairs and renovations.
“This closing allowed us to pay off a bridge loan from Hunt, and we executed entirely during the increasing concern over the coronavirus pandemic,” said Chip Davis of Corner Lot Advisors, part of the borrowing entity. “To get to the end line, we all had to be flexible about inspections and understanding what was, and what was not, possible to get the deal done in the time frame necessary.”
The Fannie Mae loan features a low fixed rate and 12-year term, with interest only for the first four years. In addition, the closing provides for over $125,000 in renovations, including resurfacing a concrete courtyard, upgrading units, and improving elevated walkways.
“This property had a commercial space we could not count in the underwriting, and we had additional escrows required by Fannie Mae,” said Bryan Cullen, senior managing director at Hunt Real Estate Capital. “Yet there were enough excess proceeds to fund these escrows and we fully expect this property to perform well through the next year to return these funds to the borrower.”
The property will continue to be managed by Promark Real Estate Services, LLC, a privately owned, full-service real estate company serving the National Capital Region.

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CHICAGO, IL – Pacific Oak Residential Trust, Inc. a wholly owned subsidiary of Pacific Oak Strategic Opportunity REIT, Inc., announced the acquisition of a 196 single-family rental home portfolio in Illinois.
The announcement comes on the heels of the company’s July 1st merger with Battery Point Trust, Inc. Following the Battery Point merger and Illinois asset acquisition, Pacific Oak Residential Trust now owns and manages a portfolio of approximately 1,750 single-family rental homes located throughout the United States.
“This acquisition marks another step forward in the continued development of Pacific Oak’s single-family residential investment business,” said Jeremy Healy, president of Pacific Oak Residential Trust. “We have already bought an attractive portfolio of single-family homes and continue to identify potential additions to our rapidly growing asset base.”
Peter McMillan, president and chairman of Pacific Oak Strategic Opportunity REIT, added, “The single-family rental home sector has fared well during the ongoing COVID-19 pandemic and we believe this compelling asset class will continue to do so over the long-term. The demand versus supply balance and the outlook for revenue growth is very favorable compared to many property sectors.”
John Pawlowski, senior analyst of residential at Green Street Advisors, a respected leader in real estate investment research, predicted in a recent presentation that single-family rentals will outpace the multifamily sector in terms of rent, revenue and net operating income growth for the next several years.
“We don’t see any meaningful cracks in the single-family rental homes’ fundamentals,” Pawlowski stated at the conclusion of his presentation.

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