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]

[ditm4567]

https://kfor.com/news/local/okc-luxu...edium=referral

Yes, let’s drag the new development before it even opens.

[Rover]

https://kfor.com/news/local/okc-luxu...edium=referral

Yes, let’s drag the new development before it even opens.

Its lazy journalism to unite the two issues this way. Serious work is being done in this city to figure out how to address affordable housing. There is also good and serious investment being made to provide luxury housing and upscale neighborhoods which are normal in a capitalistic society. Both are necessary and advisable. When the issues are conflated it’s like writing about a chess match and baseball game like they are the same. Let’s be serious about affordable housing.

[Pete]

There are two very affordable apartment complexes to the immediate south.

[David]

https://kfor.com/news/local/okc-luxu...edium=referral

Yes, let’s drag the new development before it even opens.

What a silly article. Supply and demand, new 'luxury' apartments means less competition for lower end apartments for people that can afford better and the increase in supply will act to reduce prices in the metro overall. This is being tested quite aggressively in Austin at the moment and it is working.

[OkieBerto]

This is the problem with modern journalism. They could have spoken about the other apartments available in the area that are much more affordable. They do not want to help those who need affordable housing with this story. They wish to enrage them. There are a few affordable housing spots that are ready and available right now that are brand new. You will not get the same amenities, but you will have a great new home that won't cost you an arm and a leg. This story is an example of why I do not watch local news.

[warreng88]

Just go west a mile and tiffany and the Warwick are right there. Warwick is around $1.50/sf. Tiffany retro is $1.60-$2.00/sf.

https://www.thewarwick-apartments.com/floorplans

https://www.tiffanyretro.com/application/

[Oski]

I understand that affordable housing is a difficult issue and always will be, but people can take proactive steps to address it instead of waiting for the government or developers with big hearts. I used to live in San Francisco and Los Angeles, where getting a house was a headache. Then I moved to Oklahoma City, and I love it. My house, which would be considered luxurious there, costs as much as a tiny house in San Francisco or Los Angeles, and houses that cost between $1-2 million there look like "affordable houses" in OKC. Moving to a place where you can afford a comfortable life can help you alleviate this pain more quickly. I know some people might say they can't leave their relatives, jobs, etc., but I see those as sacrifices. Some people end up enjoying the new experience and lifestyle, like I do. I don't see the point of demanding affordable housing in sought-after locations in any city.

[Pete]

There is plenty of affordable housing in OKC. It's just not newly constructed, in the middle of expensive shopping and dining, and has an elaborate pool and clubhouse.

It's like complaining about the lack of cheap housing in Nichols Hills. Just go a couple of miles to the area surrounding Britton and there is tons. Same is true about virtually anywhere in OKC.

[Celebrator]

There is plenty of affordable housing in OKC. It's just not newly constructed, in the middle of expensive shopping and dining, and has an elaborate pool and clubhouse.

It's like complaining about the lack of cheap housing in Nichols Hills. Just go a couple of miles to the area surrounding Britton and there is tons. Same is true about virtually anywhere in OKC.

Yeah, that story perked my ears last night as it was running in the background at my house, and my reaction was exactly the same as yours and many others upthread! Quite biased and shortsighted, I thought. That was John Hays on that story (he's new to this market).

[jn1780]

What a silly article. Supply and demand, new 'luxury' apartments means less competition for lower end apartments for people that can afford better and the increase in supply will act to reduce prices in the metro overall. This is being tested quite aggressively in Austin at the moment and it is working.

Yep

If they wanted to take this angle with a development, they should have picked on the Boardwalk development or should I say proposal at this point. Its questionable if the demand is there for it. OAK will have zero issues filling units in my opinion.

[Pete]

If I didn't own a house, OAK is one of the first apartment complexes I would consider.

Before long there will be a bunch more restaurants and bars announced, most of them completely new to the market.

This will have great walkability and the BRT stop is right there.


It's hard to believe this is almost ready to open; looking like October for the first wave. We've been covering this development for over 10 years now.

And for all the neg-heads that take every opportunity to complain about developments in OKC being scaled back and ending in disappointment, this is the original plan from back in 2014:

[dankrutka]

^^^
I would never have considered a development like this because I prefer to live without a car, but the BRT stop makes it much more viable. I hope residents view it as an amenity.

[Pete]

I know because I walk this area extensively, but Target (with a full grocery) is only an easy mile away, as is Aldi.

And really, with the huge amount of reasonable delivery options, having a grocer within walking distance is no longer an issue. In fact, most nicer complexes have personnel on staff to manage deliveries for you.

I tend to go to Sam's Club quite often but the honest truth is that it would be far more efficient for me just to pay their $8 delivery fee and get my bulk items periodically.

[FighttheGoodFight]

They sure came a long way from "likely Starbucks"

[ManAboutTown]

You have done a great job covering this development for the past decade, Pete. I remember first reading about it thinking it would be hard to bring to fruition, but these guys have done it.

I will be interested in seeing how quickly the $3,500/month apartments are leased up. That's pricey!

[bamarsha]

You have done a great job covering this development for the past decade, Pete. I remember first reading about it thinking it would be hard to bring to fruition, but these guys have done it.

I will be interested in seeing how quickly the $3,500/month apartments are leased up. That's pricey!

1) Agreed, Pete is awesome at this job

2) $3,500 isn't rent, it dang near a mortgage at Gaillardia!!!

[BoulderSooner]

1) Agreed, Pete is awesome at this job

2) $3,500 isn't rent, it dang near a mortgage at Gaillardia!!!

cheapest home for sale in Gaillardia is 1.1 mil .. that would be more like a 6,000 dollar a month mortgage ..