Summit Multifamily Group Announces Financing Round for Apartment Community via Selequity
Owners of garden-style apartment community located in Tulsa using online platform Selequity to present its offering
TULSA, Okla., June 1, 2016 /PRNewswire/ -- Summit Multifamily Group, an affiliate of the Summit Family of Companies, has chosen a new technology, an online platform called Selequity, to present a residential real estate investment opportunity in a Tulsa apartment community. Regency Point Apartments is a garden-style apartment community consisting of 192 apartment units located in the affluent central area of Tulsa, Oklahoma. The property is located along E 71st Road, which connects east/west traffic in central Tulsa and provides access to hospitals, premium residential, shopping, and major highways.
"Regency Point Apartments represents an exciting opportunity," said John Ross, Managing Principal of Summit Multifamily Group. "The premium location combined with the upgrades we are making to the community will provide an enhanced living experience for residents of Regency Point Apartments. We are excited to work with a local St. Louis technology company to open up our investment to a larger pool of accredited investors with Selequity's technology platform."
The property, which was acquired direct from the owner (off-market), is located within the central submarket of Tulsa that features premium housing, employment, and lifestyle options. The property is located about ¼ mile from St. Francis Hospital, which has 8,400 employees, 1,000 physicians and 700 volunteers, making it the largest private employer in Tulsa County.
The property unit mix is 46% townhomes, 38% two bedroom with two baths, and 17% one bedroom. The planned renovation to the community will include replacing all windows, installing washer & dryer in all units, upgrading interiors, adding covered parking spots, gating the rear parking entrances, improving landscaping, and other strategic upgrades. Between the prior owner and our planned renovations, the community will have roughly $3.8 million in upgrades ($20,000 per unit).
"Selequity is proud to work for Summit Multifamily Group," said AJ Chivetta, CEO and a founding partner of Selequity. "We are delighted to assist by providing Summit Multifamily Group with the latest technology to facilitate their financing. Technology is rapidly changing the real estate industry, providing investors with access to more opportunities."
Interested investors can visit www.selequity.com to learn more about the Summit offering and other investment opportunities.
About Summit Multifamily Group and Summit Family of Companies
Summit Multifamily Group acquires and repositions garden-style apartment communities located in premium submarkets of Midwestern and Mid-South cities. Founded in 2012 by John Ross and Jesse Maas, Summit Multifamily Group unlocks value by focusing on delivering a better living experience for its residents. Summit Multifamily Group is affiliated with the Summit Family of Companies.
The Summit Family of Companies is a real estate investment platform comprised of Summit Multifamily Group, Summit Development Group, and Summit Realty Ventures. Summit Family of Companies currently owns properties valued in excess of $227 million and controls over $110 million in equity capital (140+ Investors). The origin of the Summit Family of Companies was the acquisition of a suburban shopping center in 1991 by John Ross, the CEO and Managing Principal of the Summit Family of Companies. All businesses are headquartered in St. Louis, Missouri.
For more information, visit www.summitmultifamilygroup.com and www.summitstl.com.
About Selequity
Selequity is an online platform that provides technology to commercial real estate owners, enabling them to provide accredited investors information and documentation about commercial real estate investments. Founded in 2014, the company is led by a team of experts with more than 100 years of combined experience in the commercial real estate industry. Selequity's technology streamlines the once time-consuming and cumbersome capital raising process for both property owners and real estate investors.
For more information, visit www.selequity.com or visit the company on Twitter, Facebook and LinkedIn.
MEDIA PLEASE NOTE: To request an interview or photos, please contact Greg Bortkiewicz at (415) 359-2306 or [email protected].
SOURCE Summit Multifamily Group
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