OAK (formerly Penn Central)

[traxx]

Some renderings of the apartments. They haven't released pricing as of yet but are starting to conduct tours.

You say these are renderings? They look like photos. I wonder what software they use.

[bison34]

You say these are renderings? They look like photos. I wonder what software they use.

They have virtual tours of apartments on their website.

[Pete]

BTW, the OAK apartments are being developed by Greystar, the largest owner of multi-family housing in the U.S. They have one other Oklahoma project, south of Highway 9 in Norman (The Ave).

Greystar is owned by Bob Faith, a multi-billionaire who went to OU. We were good friends in college.

Faith is the guy who has been trying to put together the Campus Corner megaproject, although I don't know where that stands.

[coatesindc]

Pete - I did not know that Greystar was the developer/sponsor here; I thought they'd just be providing property management services as they do for many other apartment communities in the metro.

For those that don't know, Bob Faith is absolute royalty in the world of institutional-grade apartments. Few folks locally know that he hails from Oklahoma and is an OU alum. He co-founded Starwood Capital in the early 1990s with Barry Sternlicht (real estate private equity royalty) before going their separate ways with Faith focusing on apartments with Greystar and Sternlicht continuing on with Starwood (which is a private equity mega player).

As an OU alum myself, I have always worried that any rework of campus corner wouldn't be properly executed / fall short of its potential with local players...that won't be the case if Bob Faith and Greystar are at the helm.

[Pete]

Faith is worth $5.8 billion according to Forbes:

https://www.forbes.com/profile/robert-faith/

[Pete]

Correction: Mintwood is the developer of the OAK apartments; Greystar is the manager.

[April in the Plaza]

Pre-leasing has started. Pricing doesn’t look too bad given the amenities.

[Pete]