Crown Lone Oak Apartments

[warreng88]

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.

[jerrywall]

This is Edmond schools I'm guessing, but not really Edmond, if I'm correct?

[jerrywall]

Side comment, the issue of 3 bedroom apartments and a high vacancy rate. As someone who's looked into getting a 3 bedroom apartment, there are very few available that aren't low rent mediocre apartments. I think there is a market there, for those of use who are interested in ownership and an investment property, rather some $1200 a month crappy apartment.

I'd love to see some multi bedroom townhomes or apartments built near downtown Edmond. I was really interested in Spring Creek, but that got shot down.

[Pete]

This is a weird story.

There are literally hundreds of new apartment complexes being built all the time in the area and almost none warrant a news story.

[TheTravellers]

This is a weird story.

There are literally hundreds of new apartment complexes being build all the time in the area and almost none warrant a news story.

Rewritten press release on a slow news day? That happens at the J-R sometimes...

[oklip955]

I agree, lots of apartments being built in this area of Oklahoma City, not sure why this one is news worthy. If we want to talk about Edmond apartments, I would think that along I-35 would be a spot. I know alot of the people with homes in the area would be upset. I keep thinking that the 160 ac along I-35 and 33 rd would be an area to build an apartment, shopping area with a buffer park between the existing home. The area could tie in nicely to the I-35/Arcadia trail system. This area of I-35 has not had the development that it deserves. (Guthrie to I-44) (Walmart/Sam's club the exception)

[oklip955]

And Covell.

[jerrywall]

Part of the master plan for Edmond is high density development along I-35 (actually, sooner) near the convention center. IIRC it's the area just north of Coffee Creek and Sooner. I'll have to see if I can find the link to the master plan.

[chuck5815]

This is a weird story.

There are literally hundreds of new apartment complexes being built all the time in the area and almost none warrant a news story.

I thought the same thing about this "story": http://newsok.com/article/5588729/fl...-oklahoma-city

Reads more like an advertorial than anything else, but I suppose it's not all that surprising given the publication.

[jerrywall]

Getting press releases published is easy. I used to do it for my shop and the convention I ran. As long as you send it to the right people in the right format, it's pretty much guaranteed. If you have a picture with it, it's a bonus.