TULSA, OK - Four Mile Capital has expanded its multifamily portfolio with the purchase 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 interesting 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 popular 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 excellent 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.