Garage Lofts sale

[Patrick]

Nice price tag for a property that used to be worthless, before it was converted to housing.




Historic Garage Loft Apartments sells for $2.4 M
by Kevan Goff-Parker
The Journal Record
4/17/2006



OKLAHOMA CITY - Terrance Allan Lee has bought the historic Garage Loft Apartments at 113 NW 13th St. for $2.4 million from Loft Group 113 LLC, paying the highest price per unit ever for a multifamily housing property in the Oklahoma City metro.
Built in 1929, the Garage Loft Apartments have 24 one-bedroom units that rent monthly for $710 for 800 square feet up to $1,400 for 2,600 square feet. Lee paid $100,000 per unit.

Not since the Renaissance at Norman sold for a record $81,000 per unit in May 2005 and Deep Deuce at Bricktown sold for around $75,000 per unit in 2004, has a buyer paid so much per unit for a local apartment complex.

Darren Currin, vice president of OKC Property Research LLC, said the Garage Loft Apartments' renovation was aired in a segment of HGTV in 2003 and featured developers Nick Preftakes and Mark Ruffin and their conversion of the structure into loft-style apartments in 1995.

"Some of the units are considered flats and some are loft units," Currin said. "It also has 7,200 square of retail space that is vacant. This is the highest price per unit ever paid in Oklahoma County. However, that price is justified because it is a unique property and was the first loft apartment development in downtown Oklahoma City in recent years.

"The Garage Loft Apartments maintain a very high occupancy with a waiting list, and they are able to command very high rental rates," Currin said. The art-deco building was once home to the Norton-Johnson Buick Co. Each apartment reflects its own individualized character with high open ceilings and exposed building elements. Tenants park in front of their units. Currin said the apartments are attractive to singles and couples who desire an urban lifestyle. The apartments are equipped with a security system, a washer and dryer, individual heat and air, ceiling fans and a full-size kitchen, including a microwave.

[BDP]

More evidence that conversion can be more valuable than destruction. I hope we continue to learn from these lessons and use them to motivate developers to work with our current infrastructure and make it better, instead of just abandoning it or destroying it altogether.

[Uptown]

Another reason why the owners of First National Center should convert the building into loft apartments. I bet it would more than double the value of the building.

[Pete]

Yep, these high dollars per unit numbers should be a great incentive for other developers.

[Patrick]

Another reason why the owners of First National Center should convert the building into loft apartments. I bet it would more than double the value of the building.

I agree 100%. And the owner of First National could simply lease parking spaces at the Galleria Parking Garage.

[John]

I agree 100%. And the owner of First National could simply lease parking spaces at the Galleria Parking Garage.

I agree.

but...

[ninnies]But that's too far![/ninnies]

[The Old Downtown Guy]

Let's not forget one of the most unique features at the Garage Lofts, which is parking inside the building at your front door. IMO it's a major item. The interior construction, cabinets, appliances etc. are all mediocre and I understand that the utilities are high as well. So what's the attraction that leads to the low vacancy rate? Talk to the people that live or have lived there.

1. Character: Very interesting units and existing structure.
2. Security: Drive in, park and walk into your unit.
3. Reasonable Rent: Apx. 85 cents per sqauare foot. Though on the high side at the time it opened, low by today's standards.
4. Parking: No other downtown project offers the feature of inside parking at your front door.

As far as the First National Center going condo; very expensive to accomplish. First, there are other uses in the building that require fire seperation by current codes and I think the stair wells are also a big code issue. Going from commercial/office to residential is not just a matter of knocking out some walls and putting up a for sale/lease sign. Water, sewer and HVAC are major problems to solve in that building. At one time however, I'm told that there was a penthouse residence there. How cool would that have been?

[HFK]

"The Garage Loft Apartments maintain a very high occupancy with a waiting list, and they are able to command very high rental rates,"

That might explain why I never received a call-back from the leasing agent. I called at least twice in a 12-month period, and nary a response. Lousy way to do business...

[Uptown]

Let's not forget one of the most unique features at the Garage Lofts, which is parking inside the building at your front door. IMO it's a major item. The interior construction, cabinets, appliances etc. are all mediocre and I understand that the utilities are high as well. So what's the attraction that leads to the low vacancy rate? Talk to the people that live or have lived there.

1. Character: Very interesting units and existing structure.
2. Security: Drive in, park and walk into your unit.
3. Reasonable Rent: Apx. 85 cents per sqauare foot. Though on the high side at the time it opened, low by today's standards.
4. Parking: No other downtown project offers the feature of inside parking at your front door.

As far as the First National Center going condo; very expensive to accomplish. First, there are other uses in the building that require fire seperation by current codes and I think the stair wells are also a big code issue. Going from commercial/office to residential is not just a matter of knocking out some walls and putting up a for sale/lease sign. Water, sewer and HVAC are major problems to solve in that building. At one time however, I'm told that there was a penthouse residence there. How cool would that have been?

With that being the case, what other options do we have for First National? It's obviously outlived its day as an office complex.