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Boeing bounce lures apartment construction to southeast Oklahoma City

Developer Richard Tanenbaum said he is aiming Liberty Pointe Apartments at people who will take some 1,600 jobs to be created in defense, aerospace, industrial area near Tinker Air Force Base in coming months.
by Richard Mize Published: August 2, 2012
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/articleid/3697366/1/pictures/1790043">Photo - The drawing by Tulsa-based Parker Associates Architects shows what will be a typical front elevation of buildings at Liberty Pointe Apartments.  DRAWING PROVIDED BY GARDNER TANENBAUM HOLDINGS
The drawing by Tulsa-based Parker Associates Architects shows what will be a typical front elevation of buildings at Liberty Pointe Apartments. DRAWING PROVIDED BY GARDNER TANENBAUM HOLDINGS

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.

by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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