NW 37th and Penn

[MidCenturyModOKC]

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...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.

[warreng88]

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.

[MidCenturyModOKC]

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!

[zookeeper]

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.

[MidCenturyModOKC]

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.

[bchris02]

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.

[Pete]

Two big building permits today to finally rebuild this project.

[Teo9969]

Wow

[Mr. Cotter]

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

[Pete]

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

Will now be known as the Red River Apartments.

[Jeepnokc]

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

[Pete]

It changed hands several years ago.

[warreng88]

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.

[Urbanized]

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.

[warreng88]

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.

[soonermike81]

Who was the original developer of this apartment complex?

[warreng88]

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.

[soonermike81]

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.

[Urbanized]

...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.

[warreng88]

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.

[Pete]

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.

[Pete]

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

[Pete]

[BLJR]

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!!!

[Pete]

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.