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04-05-2018, 09:51 PM
Developer to build 287-unit apartment complex
By: Molly M. Fleming The Journal Record April 5, 2018
OKLAHOMA CITY – It’s been nearly 20 years since a Tulsa-based developer built his first property in Oklahoma City, and now he’ll add 287 units to the market.
Ed Leinbach is constructing the Crown Lone Oak apartment complex at the northeast corner of NW 150th Street and Portland Avenue. Site work has already started, and construction should start by the end of May, he said.
The Leinbach Company built the Crown Martin Park apartments in 1999. The property has Oklahoma City’s Martin Park on its east side. Leinbach said he wanted to find another parcel that offered isolation from retail development.
“We want to be next door to homes or vacant land rather than retail or restaurants,” he said. “We like to offer our residents a little more separation and more privacy.”
The complex will offer one-bedroom and two-bedroom units.
Price Edwards & Co. multifamily broker David Dirkschneider said he at first was surprised to see that Leinbach isn’t doing three-bedroom units since he’s in the Edmond School District. In areas that have high demand from families, apartment developers often build larger units. But Dirkschneider ran the numbers on apartments along Memorial Road. In properties built after the year 2000, one-bedroom units and two-bedroom units had a vacancy of 7.8 percent and 7.1 percent. Three-bedroom units had a 12-percent vacancy rate.
“While the three-bedroom vacancy is not quite double the other sizes, that’s enough of a difference to notice if you were going to build a couple hundred units,” Dirkschneider said.
Leinbach said he’s targeting young professionals who live in the area. He doesn’t build child-specific amenities such as playgrounds, but kids are welcome to live there. He said his complexes also attract people ages 55 and above who don’t want to deal with the upkeep of a house anymore.
Dirkschneider said he thinks with all the large employers in the area, Leinbach should be able to fill the property. He said he drives by the entrance to Paycom every morning and sees the mile of cars to get into the campus.
Crown Lone Oak will have several amenities, including a swimming pool with a clubhouse, a 750-square-foot gym, and a hotel-like key entry that isn’t activated until the person moves into the apartment.
“But the greatest feature of the site is privacy,” Leinbach said. “There are no neighbors on the west, north and east. We’ve had good success with Martin Park because there are no neighbors to the east.”
At the front of the site, 9.5 acres will be sold for an office development. There’s a for-sale sign now on the property. He said he thinks when construction starts on the apartments, people will have an interest in building the offices because it will look like they’re part of a larger development.
Leinbach said people should be able to start occupying Crown Lone Oak by August.
By: Molly M. Fleming The Journal Record April 5, 2018
OKLAHOMA CITY – It’s been nearly 20 years since a Tulsa-based developer built his first property in Oklahoma City, and now he’ll add 287 units to the market.
Ed Leinbach is constructing the Crown Lone Oak apartment complex at the northeast corner of NW 150th Street and Portland Avenue. Site work has already started, and construction should start by the end of May, he said.
The Leinbach Company built the Crown Martin Park apartments in 1999. The property has Oklahoma City’s Martin Park on its east side. Leinbach said he wanted to find another parcel that offered isolation from retail development.
“We want to be next door to homes or vacant land rather than retail or restaurants,” he said. “We like to offer our residents a little more separation and more privacy.”
The complex will offer one-bedroom and two-bedroom units.
Price Edwards & Co. multifamily broker David Dirkschneider said he at first was surprised to see that Leinbach isn’t doing three-bedroom units since he’s in the Edmond School District. In areas that have high demand from families, apartment developers often build larger units. But Dirkschneider ran the numbers on apartments along Memorial Road. In properties built after the year 2000, one-bedroom units and two-bedroom units had a vacancy of 7.8 percent and 7.1 percent. Three-bedroom units had a 12-percent vacancy rate.
“While the three-bedroom vacancy is not quite double the other sizes, that’s enough of a difference to notice if you were going to build a couple hundred units,” Dirkschneider said.
Leinbach said he’s targeting young professionals who live in the area. He doesn’t build child-specific amenities such as playgrounds, but kids are welcome to live there. He said his complexes also attract people ages 55 and above who don’t want to deal with the upkeep of a house anymore.
Dirkschneider said he thinks with all the large employers in the area, Leinbach should be able to fill the property. He said he drives by the entrance to Paycom every morning and sees the mile of cars to get into the campus.
Crown Lone Oak will have several amenities, including a swimming pool with a clubhouse, a 750-square-foot gym, and a hotel-like key entry that isn’t activated until the person moves into the apartment.
“But the greatest feature of the site is privacy,” Leinbach said. “There are no neighbors on the west, north and east. We’ve had good success with Martin Park because there are no neighbors to the east.”
At the front of the site, 9.5 acres will be sold for an office development. There’s a for-sale sign now on the property. He said he thinks when construction starts on the apartments, people will have an interest in building the offices because it will look like they’re part of a larger development.
Leinbach said people should be able to start occupying Crown Lone Oak by August.