Liberty Pointe, which will feature large, open floor plans, 9-foot ceilings, granite counters, crown molding, stainless-steel appliances and walk-in closets, puts Tanenbaum right back into apartment development. In April, he sold the upscale 708-unit Lincoln at Central Park Apartments to Philadelphia-based GoldOller Real Estate Investments for $77 million.
Why the demand?
The metro area's healthy economy, growing population and enviably low unemployment rate — 5 percent in June, compared with 8.2 percent in the country as a whole — are combining to fuel multifamily construction.
Demand also is strong here partly because of reductions of supply among older apartments, according to CB Richard Ellis-Oklahoma. Brokers William T. Forrest and Eva M. Wills estimate that as many of 2,000 individual apartments at some older properties are so dilapidated they can't be rented.