ACRE Development Lands $15M for Tulsa SFR Project
A Marcus & Millichap subsidiary arranged the equity on behalf of the developer.
A partnership led by ACRE Development Partners has landed $14.7 million in joint venture equity for the development of Legacy Farms, a 161-unit single-family-rental project in the Tulsa suburb of Bixby, Okla. Marcus & Millichap Capital Corp. secured the financing.
The property is set to comprise one- and two-story homes, encompassing one-bedroom duplexes, as well as two-, three- and four-bedroom detached farmhouse-style layouts, all of which will feature private garages and backyards. Community amenities are slated to include a swimming pool, clubhouse and fitness center.
Located at E. 161st St. S., the development site is close to Highway 64, placing it roughly 30 miles from downtown Tulsa. The community will also be about 9 miles from the Bixby city center where residents will have access to various retail, dining and entertainment options.
ACRE Development Partners Founder Chip Ashby stated in prepared remarks that the project will target a wide array of tenants including young couples, empty-nesters and families.
MMCC Senior Director Justin Shuart and Senior Analyst Travis Headapohl led the team that arranged the equity on behalf of the developer.