Joint Venture Nabs Okla. City Rental Complex For $59M

Joint Venture Nabs Okla. City Rental Complex For $59M

Law360 (April 11, 2022, 4:07 PM EDT) — A venture between New York-headquartered Exact Capital and Elevate Commercial Investment Group of Texas has purchased an 850-unit residential complex in Oklahoma City for $59 million, with plans for affordable housing, advised by Arnall Golden Gregory LLP.

The buyers will maintain all the apartments as affordable, according to Exact Capital’s press release. A spokesperson for the firm said Exact Capital and Elevate will participate in the federal Low Income Housing Tax Credit program, which will set income restrictions on the apartments for at least 15 years.

The seller is Accord Interests LLC of Texas. Principal and founder Joseph Mansour did not immediately respond to a request for comment Monday. His company purchased the complex in2007, according to a post on Accord Interests’ website, and operated it with a combination of traditional and corporate, or medium-term, rentals.

The complex, previously known as the Isola Bella Apartments, has been renamed the Alora Apartments. The unit breakdown is 451 one-bedrooms, 280 two-bedrooms, 16 three-bedrooms and 23 four-bedrooms, as well as a superintendent unit.

The property also has indoor and outdoor swimming pools, a fitness center, basketball and tennis courts and a pavilion, according to Monday’s release.

Exact Capital and Elevate will invest about $30,000 per unit in renovations across the 77 buildings at6303 NW 63rd Street, the firms said.

The apartments will be available to families making 60% of the area median income or less, according to LIHTC requirements.

The fiscal year 2021 median family income for Oklahoma County is $73,200, according to the U.S. Department of Housing and Urban Development.

“No residents will be displaced during renovations,” Exact Capital managing partner Craig Livingston said in a statement Monday. “We are very pleased to invest in much-needed affordable housing in Oklahoma City as we continue to expand Exact’s presence nationally.

“We look forward to bringing the best of the best affordable housing to Oklahoma City and growing our partnership with Exact Capital,” added Elevate managing partner Eric Bodiwala.

Elevate’s portfolio of multifamily properties spans Georgia, Oklahoma, South Dakota and Texas, according to its website.

Exact Capital’s focus area is affordable housing, the firm said Monday. In March, the company announced construction of a 250-unit project in Atlanta called Skyline Apartments. Exact Capital and Elevate Commercial Investment Group are represented by Arnall Golden Gregory LLP.

Counsel information for Accord Interests was not immediately available Monday.

–Editing by Stephen Berg.

Exact Capital is a vertically integrated real estate development firm with over 30 years of experience in acquisitions, financing, and development across the United States.

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Raul Castro ESQ

Counsel Fund Development
Raul is a seasoned attorney with extensive experience in both Big Law and in-house counsel roles, providing legal advisory services to Exact Capital. He specializes in advising broker-dealers and registered investment advisors on a broad range of regulatory, compliance, and securities law matters

Kevin J Ollie

Director - Business Development, Board Member. Kevin
joins Exact Capital as a distinguished member of the business development team, bringing over three decades of leadership , expertise and wealth of experience from his distinguished 25 career in professional basketball and coaching. Kevin’s commitment to excellence and his ability to foster strong relationships have been evident throughout his career. His experience in high-pressure environments and his proven track record of success make him an asset to Exact Capital as we continue to expand and innovate in the industry.

Lamar D. Williams,

Managing Director - Co-Partner Fund
Lamar brings over 25 years of financial sector expertise to Schulman Lobel CPA LLP. His distinguished career includes roles such as Managing Director at Cherry B Holland CPA, LLP, and Managing Partner of Sports and Entertainment at Berenfeld, Spritzer, Schecter, and Sheer CPA. In his current role, Williams focuses on acquiring GP and LP capital, leveraging his deep knowledge in business management, tax strategy, and cost segregation.

Renee Franco,

VP of Asset Management
With over 30 years in the multifamily industry, Renee Franco specializes in asset management, covering development, renovation, and lease-ups. Holding a Master’s in Business Management, she is a Certified Apartment Manager (CAM) and holds several industry certifications. As President of the Tennessee Association of Affordable Housing, Renee advocates for affordable housing policies and initiatives.

Brett Jureller

Director of Development - Design and Construction
Brett leads design and construction for Exact Capital, handling pre-construction, budgeting, and project management. Specializing in multifamily and mixed-use development, he has overseen projects totaling over $1 billion. Brett’s experience includes roles at Cape Advisors and JDS Development, and Turner Construction. He holds a Bachelor’s from Bucknell University and a Master’s in Real Estate Development from New York University.

Michael Callaghan,

Partner at Exact Capital
Michael Callaghan, Partner at Exact Capital Michael, as Partner, directs development, property management, and construction at Exact Capital. He manages real estate development across various asset classes, focusing on sourcing, negotiation, and financing. Michael plays a key role in building relationships with governmental agencies, banks, and community groups, essential for the firm’s development success.

Jack Heaney

Director of Real Estate Development
Jack oversees Exact Capital’s development pipeline, managing due diligence, feasibility, financing, and marketing. With over a decade in real estate development, previously he founded Fulcrum Properties and Architecture, focusing on sustainable mixed-use and affordable housing. An executive advisory member of the Urban Land Institute, Jack holds a Bachelor’s in Architecture and a Master’s in Real Estate Development from Columbia University.

Craig Livingston

Managing Partner, Exact Capital
Craig Livingston serves as the Managing Partner of Exact Capital, where he oversees the firm’s development activities, including structuring, negotiating, financing, and managing real estate ventures. With extensive experience in the industry, Mr. Livingston has advised, structured, and executed financing for numerous transactions within the firm’s real estate portfolio, totaling over $1.5 billion across multifamily, retail, and hospitality assets. As Chair of Exact Capital’s Investment Committee, he has spearheaded the firm’s regional expansion beyond New York, identifying strategic opportunities in emerging markets. Beyond his leadership at Exact Capital, Mr. Livingston is deeply involved in the real estate community. He serves as Board Chair of the New York Real Estate Chamber (NYREC), a consortium of diverse real estate developers throughout New York City and State. Mr. Livingston holds a Bachelor’s degree from the University of Connecticut and earned his MBA from Columbia Business School. He began his career at Booz Allen before moving into the financial sector at Goldman Sachs.