Liberty Pointe Apartments is going where the jobs are Boeing.
Gardner Tanenbaum Holdings points to growing Boeing, L3 Communications, Northrop Grumman, Oklahoma Heart Hospital South, Tinker Air Force Base and other major employers in the neighborhood around Interstate 240 and Air Depot Boulevard, where its 324-unit complex is under construction at 6600 SE 74.
Developer Richard Tanenbaum said he is aiming Liberty Pointe at people who will take some 1,600 jobs to be created in the area in coming months.
“We have been developing in this southeast quadrant since 2000. We know our customer and we are providing a wonderful residential opportunity to serve terrific folks that won't need to travel as far to be at home,” said Tanenbaum, who developed the Boeing, L3 Communications, Northrop Grumman properties and others near Tinker.
C.F. Jordan Construction, based in El Paso, Texas, is the builder. Comerica Bank in Dallas provided construction financing. Dallas-based Riverstone Residential Group will handle leasing and management.
Riverstone is ready to add Liberty Pointe to its management portfolio of suburban, high-profile apartment complexes, said Brian Whisnand, vice president. Riverstone manages apartments in the Dallas, Houston, Austin and San Antonio areas of Texas, as well as Denver, Phoenix, Atlanta and Nashville, Tenn.
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.