Whast is the deal with the Apartment building that was recently built in the last couple of years but has been abandoned for a while? It is just east of nw 37th and Penn. has it ever been lived in?

Outside of bums? No, no one has lived there, mostly because they aren't even finished. The owner has tried to sell it for a few years now but apparently wants more than anyone is willing to pay. He even had it up for auction last year and none of the bids met his reserve. I know someone that looked at it and figured what it's cost to finish and tried to bid on it but it wasn't enough for the owner. It's quite a joke that the owner can't finish it and will refuse to sell.

STUDIO VILLA

Okay - So this property is VERY interesting to me! I want to buy it, fix it up and rent these out. They are very close to the nightlife of NW39th and Penn and think that they would rent in a heartbeat with some VERY targeted marketing which happens to be my degree. I need a business partner - but I have ran the numbers and the "green" eco friendly upgrades/cosmetics that would be necessary and it could definitely work!

http://www.oklahomacounty.org/assessor/Searches/sketches/picfile/2667/R059621905001rA.jpg

The new construction that was never finished next door to the Studio Villa is in such bad shape now that they have sat empty that it is not worth anything to have the building there.

STUDIO VILLA

Okay - So this property is VERY interesting to me! I want to buy it, fix it up and rent these out. They are very close to the nightlife of NW39th and Penn and think that they would rent in a heartbeat with some VERY targeted marketing which happens to be my degree. I need a business partner - but I have ran the numbers and the "green" eco friendly upgrades/cosmetics that would be necessary and it could definitely work!

http://www.oklahomacounty.org/assessor/Searches/sketches/picfile/2667/R059621905001rA.jpg

Interesting proposition. That area is still really rough west of Penn, although east of Penn (Putnam Heights neighborhood) is improved. I don't know if this is a gamble that I would personally take, given the uncertainty of this area. I understand though that the gay community around there is very well-organized and even runs a pizzeria, some stores, and a smoothie shop that compliment the bar mix, and there might be some community leaders there that could be helpful and may even want to see higher-end housing added. I think no matter how you slice it, the Habana Inn thing is a heavy blight, but the other clubs may not be so dubious. I think that's a segment of diversity that is not only heavily underserved but also could appeal to higher-income apartment searchers.

By "higher-end" housing I mean basically above flop houses and roach motels, since I don't know how high-end you're thinking. Obviously the $800/mo upscale studio model has been wildly successful all around town, so that's what I would do. Somebody with more knowledge about the gay community might also know more about whether that could become a real estate niche as well.

i agree, usually gay-hoods are quite eclectic and organized with pretty upscale offerings in other major cities. It will be nice to see OKC's step up their game and pick up that community.

I couldn't agree with you both more! 10 years from now the 39th Enclave will be a different place! Gay-borhoods in Dallas, among other places are really quite different. The low income housing right on 39th which was so bad has been vacated and I believe is scheduled to be torn down. If the city (which has NEVER really been receptive to helping that area) would allow the business owners to widen those sidewalks and take that stretch of 39th down to two lanes (which is how is should be considering it only widens for 300 feet.) then a streetscape with proper lighting could turn it all around.

The homophobia at city hall -- and on the police force -- was really, really bad in OKC at one time. Fortunately, that time is mostly in the past. The whole neighborhood has tremendous potential and is a good candidate for a TIF district and / or urban Main Street program, such as what Plaza District has done. This neighborhood should have the appeal of the Castro in SF or Cedar Springs in Dallas.

Unfortunately, much of what is there is "hidden," as a reaction to the hostile, anti-gay activism by cops and city officials in the past. Now that that is a relic of the past, the whole area should "come out."

That's an extremely interesting idea...using the Main Street program to improve the area.

I couldn't agree with you both more! 10 years from now the 39th Enclave will be a different place! Gay-borhoods in Dallas, among other places are really quite different. The low income housing right on 39th which was so bad has been vacated and I believe is scheduled to be torn down. If the city (which has NEVER really been receptive to helping that area) would allow the business owners to widen those sidewalks and take that stretch of 39th down to two lanes (which is how is should be considering it only widens for 300 feet.) then a streetscape with proper lighting could turn it all around.

Are you talking about Adam's Crossings apartments? Those apartments do look dilapidated.

Any updates on this apt building? I am interested by the opportunity there! Anyone know what it would take to buy/finish these?

I think the gayborhood is about to pickup some steam, perfect time to invest. The art deco house on Penn next to 7/11 has been completely remodeled and is super modern. In addition they finally tore down those crackhead apts across from the bars, its an empty lot that would be perfect for some reasonably priced apartments aimed at the gay crowd or straight crowd that wants to be trendy.

I think the gayborhood is about to pickup some steam, perfect time to invest. The art deco house on Penn next to 7/11 has been completely remodeled and is super modern. In addition they finally tore down those crackhead apts across from the bars, its an empty lot that would be perfect for some reasonably priced apartments aimed at the gay crowd or straight crowd that wants to be trendy.

Which apartments were torn down? Do you mean that little apartment and motel court built in the 40's?

Which apartments were torn down? Do you mean that little apartment and motel court built in the 40's?

Not sure if the were built in the 40's but that does sound about right. They looked like an old motel 6 or something, real ugly. Right behind the BMW service place.

I am happy to see any progress in that area. Whether you like them or not gay individuals have more disposable income and are willing to spend more on their living spaces than any other comparable aged group. Studies have been done in cities all around the country regarding gayborhoods and the good that can sprout up from investing in them.

I am happy to see any progress in that area. Whether you like them or not gay individuals have more disposable income and are willing to spend more on their living spaces than any other comparable aged group. Studies have been done in cities all around the country regarding gayborhoods and the good that can sprout up from investing in them.
I like them, as I'm sure most on this forum do.

I like them, as I'm sure most on this forum do.

Gay people rock!

:Smiley026

I'd also mention thar only Ed seems to be willing to spend political capital on improving the gayborhood.

I do not know details; however, I did hear last night from one of the business owners that there is talk about widening sidewalks and some lighting going into that portion of NW 39th. I do not know how it is being funded- but change may be on its way!

I am happy to see any progress in that area. Whether you like them or not gay individuals have more disposable income and are willing to spend more on their living spaces than any other comparable aged group. Studies have been done in cities all around the country regarding gayborhoods and the good that can sprout up from investing in them.

39th St has a LONG way to go before it can be considered anything close to gentrified. Do a lot of gays actually live in that area or is that just where most of the gay-themed nightlife is?

39th St has a LONG way to go before it can be considered anything close to gentrified. Do a lot of gays actually live in that area or is that just where most of the gay-themed nightlife is?

As far as I've always gathered from being there everyone commutes in from other areas. It is pretty sketchy late at night. It'd be nice if there were even sidewalks along 39th, lol.

As far as I've always gathered from being there everyone commutes in from other areas. It is pretty sketchy late at night. It'd be nice if there were even sidewalks along 39th, lol.

Oh no, not at all. It's becoming a very legitimate gayborhood. I don't know much about what's immediately south, but a popular area is the neighborhood between Penn and Classen and Northwest Expressway and 39th...the part that is to the south and east of I-44. I don't know what that neighborhood is called, but there are many gay and lesbian people buying up those homes. Think Blackwelder, Georgia and 43rd, 44th, 45th. That's the neighborhood I'm talking about. It's adjacent to Putnam Heights, which is south of 39th...and If you drive through that neighborhood it's easy to spot the homes that have been spruced up, and there's more and more all the time. It's hit and miss, but it's a neighborhood with a bright future. Maybe someone here knows what it's officially called?

There are a lot of different neighborhoods in there.

There are currently no acceptable housing options in the immediate NW39th Enclave area. Fast forward 10 years and we may see some town homes, apartments, lofts, etc in that area. With housing options comes opportunity for businesses to attract a daytime presence on that strip - Dallas, being our closest geographical market, is a good example of several clothing stores, gift shops, restaurants, etc. which keep the area alive during the daytime.

The area has a long way to go- but my inquiry was for the purpose of investing - almost all good things come out of those areas that are up and coming, not areas that have up and came. The Plaza District on NW16th is a great example of a local art scene with a mission that organized and is now enjoying alot of success! I would like to see some of that happen on NW39th.

Here is a link to the "Troubled Apartment Complexes" thread. There was an article in May of this year that broke down the worst apartment complexes in the metro and this was one of them:

http://www.okctalk.com/general-civic-issues/33883-troubled-apartment-complexes.html

See my post (second from the top) about what happened with the start and stalling of the complex.

Here is a link to the "Troubled Apartment Complexes" thread. There was an article in May of this year that broke down the worst apartment complexes in the metro and this was one of them:

http://www.okctalk.com/general-civic-issues/33883-troubled-apartment-complexes.html

See my post (second from the top) about what happened with the start and stalling of the complex.

I did read your post, thank you for the info! - that is very interesting. Any idea what it was/is for sale for? Any idea what he has in the property? At this point bids would have to be redone because you are not just finishing a complex- you are repairing the damage for it sitting so long and then finishing it! I would guess 1/2 million easy.

I did read your post, thank you for the info! - that is very interesting. Any idea what it was/is for sale for? Any idea what he has in the property? At this point bids would have to be redone because you are not just finishing a complex- you are repairing the damage for it sitting so long and then finishing it! I would guess 1/2 million easy.

I believe he was trying to sell it for $700,000, but it would cost about what you estimated to finish it. $1.2 million and if I remember correctly, there was only about 30 apartments? That's right at $40,000 per apartment. I am not sure what you could charge in that area, but let's say it was $750/month, bills paid so you only took home $600/month. That would be 5.5 years if you didn't have any repairs, vacancy, etc just to break even.

I believe he was trying to sell it for $700,000, but it would cost about what you estimated to finish it. $1.2 million and if I remember correctly, there was only about 30 apartments? That's right at $40,000 per apartment. I am not sure what you could charge in that area, but let's say it was $750/month, bills paid so you only took home $600/month. That would be 5.5 years if you didn't have any repairs, vacancy, etc just to break even.

While not being an easy "home run" I don't believe those numbers are far from working. I couldn't tackle anything that big myself, but If I could get together some other investors who see the potential in the area, then maybe. I will start my research. THANK YOU FOR THE INFO!

There are currently no acceptable housing options in the immediate NW39th Enclave area.

Maybe it would help if you define the "immediate NW 39th Enclave area"?
Could you define "acceptable"?
There are many gay folks in the area I described in my post. So answering the two questions above might help.

Maybe it would help if you define the "immediate NW 39th Enclave area"?
Could you define "acceptable"?
There are many gay folks in the area I described in my post. So answering the two questions above might help.

Sorry for not being clear. I was referring to immediately on the strip. I am envisioning mixed use (loft above with first floor retail or restaurant/bar space below). There are many gayborhoods where this type of living options are available and OKC does not have this yet. Putnam Heights, Mayfair Heights, Belle Isle View, May-Penn, Military Park, Venice- all are great places to live and I have lived in a few of them! These are all a short drive to NW39th Enclave but not "in" the area.

39th isn't really the kind of place I would hang out unless my girlfriend insisted on going but I think it's the only entertainment district in the city other than Bricktown that has reached critical mass. Many of the up-and-coming districts like Plaza, Paseo, etc aren't yet a bar hopping destination like 39th is.

Two big building permits today to finally rebuild this project.

Wow

That's great. Can you tell to what level they will be finished based on the permits?

The plan is to finish the one building and add a second.

Will now be known as the Red River Apartments.



http://www.okctalk.com/images/pete/3720npenna.jpg


http://www.okctalk.com/images/pete/3720npennb.jpg

Pete: Did the property change hands or did the original developer finally decide to finish it?

It changed hands several years ago.

The property was sold by the original developer in February 2015. It was a weird deal, the original builder started building it, then got caught up in other projects and let it sit. He let it sit for so long that people started breaking into it to live there when it was cold. He tried to sell it back in 2009 when it was first going down hill and wanted way too much. So, instead of selling it and taking a loss, he kept making monthly payments that, if I remember correctly, were five digits. I am glad someone is finally going to do something with it. The area to the west and south west have gotten better since he started building them.

I'm trying to recall...weren't there OTHER apartments there before these, that were perhaps also abandoned and/or under perpetual construction for a long time? I honestly feel like that has been the case for this property for most of the 30 years that I've lived in OKC.

I'm trying to recall...weren't there OTHER apartments there before these, that were perhaps also abandoned and/or under perpetual construction for a long time? I honestly feel like that has been the case for this property for most of the 30 years that I've lived in OKC.

The county assessor says the land was purchased the guy that started building it in 1993, but it changed hands in 2004 and I think that is when they started plans. I don't think they actually started construction until around 2007. The last picture on the county assessor website shows 2009 and windows were boarded up at that time. I lived around there during college years, but can't recall what was there before.

Who was the original developer of this apartment complex?

Who was the original developer of this apartment complex?

Manooch Kahkesh. He owns a construction company. He would develop strip centers and add a Family Dollar store and lease it back to the company. From my recollection, he leased 10-15 Family Dollar stores all over the city back to the company.

Manooch Kahkesh. He owns a construction company. He would develop strip centers and add a Family Dollar store and lease it back to the company. From my recollection, he leased 10-15 Family Dollar stores all over the city back to the company.

Wow, i've actually heard of him and all this doesn't surprise me then. He has a pretty bad rep amongst realtors and contractors throughout the city.

...I lived around there during college years, but can't recall what was there before.

Pretty sure it was abandoned/under-renovation apartments. Not even kidding.

Drove by tonight and it looks like they have finally started work. It looks like they are going with a half stucco, half brick look, where it is kind of like a checker board. Will be interesting to see how fast they move on this.

Work in earnest has started here.

Dirt is moving, they have construction equipment and storage containers on site.

Looks like they are finishing out the interior of the existing building as a first priority.

Looks like the plan is to finish the existing building before they start on the one immediately south.

http://www.okctalk.com/images/pete/36penn020417.jpg

http://www.okctalk.com/images/pete/36penn041817.jpg

Glad to see it finally going somewhere. My business partner drug me to look at it about 4 years ago. It was an absolute mess inside with the accumulated years of homeless people living in it, The main thing I remember is there was NO plumbing in the slab, as if they poured it prematurely.... it had been partially sheetrocked, but all copper was gone, and most of the sheetrock broken. This wasn't even close to our wheelhouse and comfort level on fixing up, so we passed. Hope the new owner does well!!!

They seem to be moving pretty slowly for some reason.

Anxious to see this completed as it's a blight on that part of town.

So, this is nice. They recently replaced all the windows, right? Within the past few days someone has busted out nearly ALL of the windows on the west side fronting Penn on this building.

So, this is nice. They recently replaced all the windows, right? Within the past few days someone has busted out nearly ALL of the windows on the west side fronting Penn on this building.

I noticed this too and it infuriates me.

They have been moving very slowly on this work which doesn't help getting it to some state of completion and occupied.

:mad:

They fixed the broken windows and continue work, although at a glacial pace.

http://www.okctalk.com/images/pete/36penn091717.jpg

Im pretty sure this is at least a decade long project now. Might even be 11 or 12 years.

Slowly, slowly still moving forward:

http://www.okctalk.com/images/pete/36penn121717.jpg

Drove by tonight and there were lights on! Now, there aren't people moved in, obviously, but it looks like a lot of work is going on.

The slowest construction project in the history of he civilized world continues to creep along. You can see forms for sidewalks and they have started work behind for the parking area.

http://www.okctalk.com/images/pete/36penn012018.jpg

The slowest construction project in the history of he civilized world continues to creep along. You can see forms for sidewalks and they have started work behind for the parking area.

http://www.okctalk.com/images/pete/36penn012018.jpg

Only the second longest. The award goes to the mansion on I-35 north of Dallas. ��

That one in Sanger on the west side of the hiway?