IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), specializing in capital markets services for major private and institutional clients, has arranged $13.1 million in joint venture equity financing for the ground-up development of a 102-unit townhome community located in Edmond, Oklahoma (Oklahoma City MSA).
Oaks at Covell will be located in Edmond, a northern suburb of Oklahoma City, which has seen rents jump by 12% year-over-year. Located along I-35 and within the top-rated school district in the state, the development will offer spacious floorplans consisting of two-, three-, and four-bedroom homes.
IPA Capital Markets worked on behalf of the developer, a partnership led by ACRE Development Partners, to secure equity financing. As a premier developer of luxury, single and multifamily rental communities, ACRE Development Partners is on the leading edge of the industry through their reliable construction management and leasing business model.
“The Wall Street Journal recently ranked Oklahoma City as the fifth hottest job market in the US out of 380 metro areas for 2023, trailing just behind the fast-growing metros of Salt Lake City, Jacksonville, Orlando, and Tampa,. based on the unemployment rate, labor-force participation, changes to employment levels, and the size of the labor force,” said Chip Ashby, Founder, ACRE Development Partners.“The continued growth and diversification of Oklahoma City’s employment base have generated strong fundamentals for BTR housing. According to Niche.com, Edmond is the number one Best Suburb to Raise a Family in the Oklahoma City MSA. ACRE is excited to bring these new units to the Edmond community.”
IPA Capital Markets’ team was led by senior director Justin Shuart and associate director Travis Headapohl based out of the firm’s Dallas office. Justin’s practice includes a focus on financing multifamily and build-for-rent oriented real estate projects.
“Edmond is the highest-ranking city in Oklahoma for both household income and population growth. I am pleased to have secured the partnership for this exciting project between two best-in-class firms,” said Shuart.
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets.
