Exact Capital, a leading national commercial real estate development firm, has acquired an 850-unit, 100 percent affordable community comprising 77 buildings in Oklahoma City, Oklahoma, partnering with local multifamily operator, Elevate Commercial Investment Group.
“This transaction preserves affordability for decades,” said Exact Capital Managing Partner Craig Livingston.
Total capitalization of the acquisition is approximately $59 million.
Exact has acquired and will renovate Isola Bella Apartments, located at 6303 NW 63 rd Street in Oklahoma City, and has renamed the community Alora Apartments. The community features 451 one bedroom units, 280 two bedrooms, 16 three bedrooms and 23 four bedrooms, plus a superintendent’s unit.
“Our acquisition ensures this community remains affordable for decades. We will invest approximately $30,000 per unit in renovations at Alora Apartments and improve the quality of life for residents. No residents will be displaced during renovations,” said Mr. Livingston of Exact Capital.
“We are very pleased to invest in much needed affordable housing in Oklahoma City as we continue to expand Exact’s presence nationally,” Mr. Livingston said.
“The challenge of creating and preserving affordable housing in markets where real estate values and housing costs continue to climb is exacerbated as the country emerges from the pandemic and rising inflation adds financial stress for many American families. Our investment in Oklahoma City is consistent with Exact Capital’s commitment to create and preserve affordable housing that adds value to neighborhoods and strengthens the economic and social fabric of communities,” said Mr. Livingston.
Elevate Commercial Investment Group Managing Partner Eric Bodiwala said “we look forward to bringing the best of the best affordable housing to Oklahoma City and growing our partnership with Exact Capital. We have big plans for capital improvements and can’t wait to showcase them at Alora Apartments. It will be one of a kind property where residents will truly thrive.”
Resident amenities at Alora Apartments include an Olympic-sized indoor swimming pool, five outdoor pools, a fitness center with a broad range of exercise equipment, a basketball court, a tennis court, relaxing courtyards and lake views. It has a Pavilion featuring a business center, game room, vending machines and conversation areas.
Mr. Livingston pointed out that Alora Apartments are located within minutes of major businesses, including large health care facilities, data centers, call centers and big box national retailers located along and near Oklahoma City’s Northwest Expressway (Highway 3.)
Last month Exact Capital announced it is developing a ground up 250-unit, 100 percent affordable, community in Atlanta, GA, called Skyline Apartments.
Exact Capital, based in New York, is a national diversified real estate development firm with more than three decades of experience in the acquisition, finance, development and construction of mixed use multifamily affordable residential and commercial real estate. Exact is a leader in public/private partnerships that add value to neighborhoods through ground up construction and acquisitions that transform blighted structures, underutilized sites and other nonperforming real estate assets.
Exact’s primary focus is developing and preserving affordable housing throughout the United States in communities where its experience and expertise provide a strategic advantage in responding to the needs of the market. Exact is known for such landmark developments as the new Marriott Hotel and adjacent mixed income residential tower built above Harlem’s historic Victoria Theater. Exact Capital is a certified Minority Business Enterprise.