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Student housing boom over in Norman

 
BY RICHARD MIZE | Published: December 19, 2009    Comment on this article Leave a comment
photo - Mike Buhl and Araine Cash of Commercial Realty Resources Co. are at the entrance of Traditions West Apartments, 2730 Chautauqua in Norman, near the University of Oklahoma. Buhl and Cash’s analysis of student-oriented housing near OU shows a soft market. PHOTO BY Steve Sisney, THE OKLAHOMAN
Mike Buhl and Araine Cash of Commercial Realty Resources Co. are at the entrance of Traditions West Apartments, 2730 Chautauqua in Norman, near the University of Oklahoma. Buhl and Cash’s analysis of student-oriented housing near OU shows a soft market. PHOTO BY Steve Sisney, THE OKLAHOMAN

NORMAN — All booms end sooner or later, and the 10-year, off-campus student housing boom around the University of Oklahoma is over, a study shows.

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Here are the student-

oriented apartment complexes near the University of Oklahoma campus in Norman, the number of units and the number of bedrooms:


• Traditions East, 2500 Asp Ave., and Traditions West, 2730 Chautauqua — 384 units, 1,152 bedrooms.


• University Greens, 2900 Oak Tree Ave., 2900 Oak Tree Ave. — 156 units, 516 bedrooms.


• Commons on Oak Tree, (shown below) 1111 Oak Tree Ave. — 254 units, 780 bedrooms.


• Reserve on Stinson, 730 Stinson St. — 204 units, 612 bedrooms.


• Crimson Park, 2657 S Classen Blvd. — 268 units, 792 bedrooms.


• The Cottages, 1601 E Imhoff Road — 174 units, 644 bedrooms.


• The Edge — 2200 S Classen Blvd. — 162 units, 534 bedrooms.


• Campus Lodge, 1800 Beaumont Drive — 192 units, 768 bedrooms.

Source: Commercial Realty Resources Co.

Left is a surplus of student-oriented apartments that will take a few years to absorb, according to a 55-page report by Mike Buhl and Araine Cash of Norman-based Commercial Realty Resources Co.

Buhl said the latest evidence of softening in the student-housing market came with the recent sale of the 780-bed Commons on Oak Tree, 1111 Oak Tree Ave., which fetched $14.8 million. That was 2.8 percent less than when it last changed hands, in June 2008, and 20.4 percent less than when the builder, Birmingham, Ala.-based Capstone Development, first sold it four years ago for $18.6 million, Buhl said.

Buhl and Cash found a 12 percent vacancy among the 5,798 student beds around the OU campus — "beds,” not apartments, because of how newer student living space is designed with single- or double-occupancy bedrooms sharing living space.

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Related Topics: Education, Higher Education, Colleges and Universities, College Life



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