multifamily market summary 2007 - price edwards · to national projections by the joint center for...

Oklahoma City

MultifamilyMarket Summary

2007

TABLE OF CONTENTS

Multifamily Market Summary 1-2

Multifamily Submarket Map 3

Northwest Submarket 4-6

North-Central Submarket 7-9

South Submarket 10-11

Edmond Submarket 12-13

MWC / Del City Submarket 14-15

Mustang / Yukon Submarket 16-17

Moore / Norman Submarket 18-20

Student Housing 20

New Construction 20

Market Sales Data 21

Sales Summary Back Cover

The information contained herein has been obtained from reasonably reliable sources. Price Edwards & Company makes no guarantee, either express or implied, as to the accuracy of such information.All data contained herein is subject to errors, omissions and changes. Reproduction in whole or in part, without prior written consent is prohibited.

Oklahoma City Multifamily Rental Rates($ per SF)

$0.50

$0.60

$0.70

$0.80

$0.903 Bed2 Bed1 BedEFF

'07'06'05'04'03'02'01

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

'07'06'05'04'03

Oklahoma City MultifamilyHistorical Occupancy

0

120

240

360

480

600

720

840

960

1080

1200

SouthEdmondCBDNorth

Oklahoma City MultifamilyNew Units

(Built/Planned in 2007)

Oklahoma City2007 Multifamily Market Summary

1

Welcome to the 2007 Price Edwards & Company Multifamily Market Summary. This report has been a staple to investors, managers, and

consultants for the past 19 years. Our thanks to everyone who has responded to help make this the most complete survey possible. We appreciate your cooperation and comments.

This and past surveys are available online on our website at: www.priceedwards.com.

In 2007, the Multifamily Division of Price Edwards & Company surveyed 233 multifamily properties containing 49,432 units in the Oklahoma City metropolitan area. Aggregate rental rates for the Oklahoma City Metropolitan Statistical Area (MSA) showed an increase of 3 percent on a per square foot basis from $0.62 in 2006 to

$0.65 in 2007. This increase represents a five year trend of positive rental growth from $0.58 in 2003 to the $0.65 in 2007. At the same time, the overall occupancy rate remained stable at 91 percent. Over the last five years, the occupancy has fluctuated between 90 and 91 percent. Measured rental growth, coupled with a stable occupancy, characterizes the strength and to some extent the attraction of the Oklahoma City Metropolitan area multifamily market.

“...surveyed 233 multifamily properties containing 49,432 units in the Oklahoma City metropolitan area.”

As in the multifamily market, the Oklahoma City Metropolitan area posted positive gains in 2007. Total employment in the MSA grew 1.7 percent over 2006. Oklahomans personal income grew 1.8 percent, topping the national rate of 1.4 percent, and the metropolitan area again experienced a positive in migration of 1.3 percent. Area wide employment continues to be strong in the government, health, service and education sectors, as well as in the energy sector. According to the most recent cost of living survey conducted by the American Chamber of Commerce Researchers Association, Oklahoma City remains one of the most affordable major metropolitan areas in which to live. In the same vein, Places Rate Almanac cited Oklahoma City as one of the “Best Places to Live in North America.”

“In 2007, the Central Oklahoma Home Builders Association tracked 5,829 permits for new houses as compared to 6,478 in 2006.”

New construction of single-family homes continues to have an impact on the multifamily housing in the Metropolitan area. In 2007, the Central Oklahoma Home Builders Association tracked 5,829 permits for new houses as compared to 6,478 in 2006. This represents a decrease of 11%. As this trend continues and is augmented by more stringent loan underwriting, first time home buyers, as well as certain other buying groups, may find it increasingly difficult to finance a single family home and will therefore choose to remain in rental housing.

Historically over the past 10 years, the Oklahoma City multifamily market has absorbed around 1,000 new units per year; however, in 2006, only 575 new units came online. In 2007, Oklahoma City saw approximately 1,031 new units with another 728 under construction and 622 in the planning stages.

“In 2007, Oklahoma City saw approximately 1,031 new units with another 728 under construction and 622 in the planning stages.”

New multifamily properties coming online in 2007 were: Villas at Stonebridge, 248 units, located at 157 Stonebridge Boulevard in North Oklahoma City, east of I-35; Phase 2 is still under construction and in the pre-lease stage. When completed, it will have a total of 472 units. The 276 unit, Lincoln at Central Park, located at 500 Central Park Drive, began leasing in 2007, and the former Citizens Tower office building located at 2200 N. Classen Boulevard was converted into 66 luxury apartment units and opened in 2007.

The Central Business District saw the 2007 opening of two apartment properties, one new construction and the other a conversion of a 1957 office building. The new 303 unit, mixed use, Legacy at Arts Quarter, located at Robert S. Kerr and Walker, came online in mid-summer. Also coming online in mid-summer is the Park Harvey Apartments which are located at 200 N. Harvey. With 176 units, Park Harvey Apartments is a conversion of the 17 story, Park Harvey Center. The Sieber Apartment Hotel is another mid-town conversion that is underway. The 6 story hotel was built in 1928 and when completed in 2008 will have 38 apartment units.

Edmond has two new multifamily properties under construction. The Enclave near the southwest corner of Covell and Kelly will have 150 units, and Bryant Place Apartments at Bryant and Kickingbird will have 112 units.

0%

4%

8%

12%

16%

20%

Ages 45-54Ages 35-44Ages 25-34

Oklahoma City MultifamilyLargest Renter Age Groups

(% of Total Renters)

SubmarketTotalUnits

EstimatedOccupancy

Average Rent/Sq Ft

EFF 1 Bed 2 Bed 3 Bed

Edmond 2,975 96% $0.92 $0.74 $0.64 $0.68

Midwest City / Del City 5,850 92% $0.79 $0.64 $0.58 $0.58

Moore / Norman 6,511 94% $0.78 $0.72 $0.65 $0.63

Mustang / Yukon 1,878 96% $0.81 $0.64 $0.61 $0.59

North-Central OKC 11,216 91% $0.81 $0.71 $0.65 $0.64

Northwest OKC 13,380 86% $0.81 $0.65 $0.59 $0.58

South OKC 7,622 91% $0.76 $0.69 $0.62 $0.57

Market Totals 49,432 91% $0.80 $0.68 $0.62 $0.60

2

Edmond also has two properties still in the planning stages. Summit Groves at 2nd and Western will have 140 units, and developers of Fountain Lake at Memorial and Boulevard plan 302 units.

In south Oklahoma City, developers are planning a 180 unit apartment property, Summit Pointe Plaza, to be located at SW 89th Street and South Western Avenue.

“...between 2007 and 2020, experts predict a rental housing boom unseen since the 1970s and 1980s.”

Price Edwards & Company is bullish on the future of multifamily housing in the Metropolitan area. According to national projections by the Joint Center for Housing Studies at Harvard University, two million new households will be formed between 2005 and 2015 in the United States. According to Leanne Lachman, an authority on real

estate demographic trends, between 2007 and 2020 experts predict a rental housing boom unseen since the 1970s and 1980s. Feeding this growth is the group referred to as the Gen Y generation with estimates of 4 million Americans turning 18 in 2008. Young people, immigrants, and minorities make up the largest pool of renters. According to the 2000 census, 30% of all U.S. households rent; however, again according to the 2000 census, 40.55 percent of residents in the Oklahoma City Metropolitan area are renters with a median age of 34. Also, the Metro’s largest population group, 42.95 percent, is between the ages of 25 to 54 followed by 36.28 percent in the pre- twenty five age group, and the remaining 19. 77 percent falls into the 55 and over group. In looking at the demographics and the overall health of the local multifamily market, the Oklahoma City multifamily market may well be the bright spot in the local real estate economy.

3

Su

bm

ark

et M

ap

Northwest -vs- Total Market

73%

27%

Northwest Historical Occupancy2001-2007

80%

90%

100%

'07'06'05'04'03'02'01

Northwest Rental Rates ($ per SF)

$0.40

$0.50

$0.60

$0.70

$0.80


'07'06'05'04'03'02'01

4

The Northwest Submarket is defined by the Lake Hefner Parkway, the Kilpatrick Turnpike Loop on the west, NW 150th Street and Interstate 40. Several Vocational Education Centers as well as Oklahoma State University’s Oklahoma City Campus and Southern Nazarene University are situated here. With 13,380 units, this is one of the largest submarkets in the Oklahoma City Market. Occupancy decreased 4% from 90% to 86%; however, rental rates showed increases across the board.

CURREnT MARkET

• 13,380 Units Studied

• Aggregate Vacancy is 14%

• Aggregate available rental rates are:

Efficiency $0.81

One Bedroom $0.65

Two Bedroom $0.59

Three Bedroom $0.58

2008 Forecast

• Occupancies will struggle as owners continue to rehab older properties

• Rental rates will continue to rise as owners complete renovations and seek to reposition properties

Oklahoma City 2007 Multifamily Market Summarynorthwest Oklahoma City Submarket

No

rth

we

st

The Villas on Meridian

5

northwest OkC Year Built Units OccupiedAverage Rent/Sq Ft


23rd Street Station - 5700 NW 23rd St, OKC 1971 259 70% $0.80 $0.64 $0.52 $0.58

Arbor Glen - 4638 NW 19th St, OKC 1976 158 87% n/a $0.56 $0.53 $0.50

Archway Villas - 7626 NW 10th St, OKC 1971 96 68% n/a $0.58 $0.55 $0.51

Auburn Lane - 6029 NW 10th St, OKC 1973 152 85% n/a $0.47 $0.50 $0.46

Augusta - 4001 NW 122nd St, OKC 1986 197 92% n/a $0.88 $0.78 n/a

Bluff Creek - 5757 W Hefner Rd, OKC 1984 316 97% n/a $0.85 $0.65 n/a

Boardwalk - 6400 NW Expressway, OKC 1984 192 100% n/a $0.67 $0.70 n/a

Bryan Hill - 7204 NW 36th St, OKC 1969 232 85% $0.61 $0.55 $0.57 n/a

Chestnut Hills - 7228 NW 10th St, OKC 1972 111 85% n/a $0.48 $0.43 n/a

Chevy Chase - 6401 N Warren 1972 218 85% n/a $0.66 $0.55 n/a

Cimmaron Pointe - 8301 N Council Rd, OKC 1978 252 96% $0.70 $0.66 $0.63 $0.61

Council Place - 10800 N Council Rd, OKC 1985 256 96% n/a $0.57 $0.57 $0.63

Crown Martin Park - 5300 W Memorial Rd, OKC 1999 264 96% n/a $0.83 $0.76 n/a

Crown Pointe - 12600 N MacArthur Blvd, OKC 1999 360 95% n/a $0.72 $0.67 n/a

Deer Creek Condos - 6801 NW 122nd St, OKC 1989 104 98% n/a $0.78 $0.63 n/a

Eagle Crest - 10400 N Council Rd, OKC 1985 71 100% n/a $0.67 $0.66 n/a

Forest Creek - 7201 NW 122nd St, OKC 1997 200 98% n/a $0.60 $0.58 $0.61

Gables at Westlake - 12901 N MacArthur Blvd, OKC 1984 200 98% $0.99 $0.83 $0.79 n/a

Golden Oaks - 5811 NW 34rd St, OKC 1970 127 81% n/a $0.45 $0.48 $0.45

Grandville - 727 N MacArthur Blvd, OKC 1962 240 80% n/a $0.59 $0.49 $0.58

Heritage House II - 1307 N Meridian Ave, OKC 1974 111 95% n/a $0.61 $0.47 n/a

Hunters Ridge - 9211 N Council Rd, OKC 1985 212 97% $0.78 $0.72 $0.68 n/a

Invitational - 3959 NW 122nd St, OKC 1984 344 96% n/a $0.80 $0.76 n/a

Isola Bella - 6446 NW 63rd St, OKC 1970 800 30% n/a $0.51 $0.53 n/a

Lakeside Village - 6460 W Wilshire Blvd, OKC 1974 150 90% n/a $0.59 $0.58 $0.60

Lakeview - 4605 W Nickles, OKC 1972 136 92% n/a $0.63 $0.52 $0.58

Lakeview Towers - 6001 N Brookline Ave, OKC 1959 194 70% n/a $0.85 $0.73 $0.88

Lakewood Park - 7806 Lyrewood Ln, OKC 1973 215 33% n/a n/a $0.48 $0.46

Lantana - 7408 NW 10th St, OKC 1972 190 70% n/a $0.54 $0.46 $0.44

Meadowbrook - 4396 NW 36th St, OKC 1973 234 91% n/a $0.66 $0.56 $0.56

Meridian Ridge - 6300 N Meridian Ave, OKC 1970 187 95% $0.77 $0.67 $0.61 n/a

Mount Vernon - 4020 N Meridian Ave, OKC 1968 92 96% $0.70 $0.56 $0.55 n/a


No

rthw

est

- continued on next page

6

northwest OkC Year Built Units OccupiedAverage Rent/Sq Ft


Northridge - 8114 W Britton Rd, OKC 1982 216 95% n/a $0.70 $0.61 n/a

Olde London Towne - 5510 NW 23rd St, OKC 1960 121 95% n/a $0.53 $0.52 n/a

Overlake - 7920 NW 21st St, OKC 1970 337 70% n/a $0.63 $0.52 n/a

Park At Memorial - 4201 W Memorial Rd, OKC 1997 316 90% n/a $0.91 $0.83 $0.91

Park Macarthur - 4500 N MacArthur Blvd, OKC 1970 140 96% n/a $0.51 $0.48 n/a

Pheasant Run - 6100 N Meridian Ave, OKC 1970 271 97% n/a $0.67 $0.58 n/a

Prairie Springs - 9777 N Council Rd, OKC 1998 298 95% n/a $0.80 $0.73 $0.76

Quail Landing - 14000 Quail Springs Pkwy, OKC 2001 216 95% n/a $0.84 $0.82 $0.80

Regal Gardens - 6600 NW 16th St, OKC 1973 160 30% n/a $0.49 $0.45 $0.48

Ridgeview - 6708 W Wilshire Blvd, OKC 1973 119 92% n/a n/a $0.44 $0.44

Royal Oaks - 1128 Glade Ave, OKC 1972 112 74% n/a $0.60 $0.47 $0.54

Springbrook - 8557 Candlewood Dr, OKC 1961 326 60% n/a $0.57 $0.52 $0.49

Stonebrook - 9301 N MacArthur Blvd, OKC 1983 360 96% $0.69 $0.63 $0.64 n/a

Stoneleigh On May - 14300 N May Ave, OKC 2002 244 91% n/a $0.92 $0.85 $0.81

Summer Oaks - 5770 NW 16th St, OKC 1972 197 94% n/a $0.45 $0.43 $0.43

Summerfield Place - 11777 N Meridian Ave, OKC 1982 224 95% $0.90 $0.72 $0.68 n/a

Tammaron Village - 11100 Roxboro Ave, OKC 1983 400 93% $0.75 $0.71 $0.65 n/a

The Heritage - 7550 NW 10th St, OKC 1972 112 66% n/a $0.48 $0.49 n/a

The Lodge On The Lake - 5577 NW 50th St, OKC 1981 252 87% $0.73 $0.56 $0.59 n/a

The Warrington - 12700 N MacArthur Blvd, OKC 1984 204 98% n/a $0.78 $0.70 n/a

Villas on Meridian - 5418 N Meridian Ave, OKC 1971 99 89% $0.93 $0.62 $0.55 $0.56

Warren House - 4025 N Meridian Ave, OKC 1972 110 97% $1.16 $1.10 n/a n/a

Western Oaks - 7408 NW 22nd St, OKC 1960 173 95% n/a $0.51 $0.54 n/a

Whitby Court - 7525 Knight Lake Dr, OKC 1970 184 69% n/a $0.54 $0.49 $0.42

Willow Walk - 5403 NW 36th St, OKC 1969 120 99% n/a $0.52 $0.56 n/a

Wilshire Village - 6900 London Way, OKC 1977 340 75% n/a $0.55 $0.51 $0.51

Windsor Village - 2500 N Sterling Ave, OKC 1965 362 83% n/a $0.68 $0.53 $0.58

Winslow Glen - 4750 NW 23rd St, OKC 1969 130 87% n/a $0.45 $0.46 n/a

Woodbrier - 5522 Woodbrier Dr, OKC 1969 128 90% n/a $0.53 $0.54 n/a

Woodscape - 4200 N Meridian Ave, OKC 1985 498 94% n/a $0.68 $0.67 n/a

northwest OkC Totals 13,380 86% $0.81 $0.65 $0.59 $0.58


No

rth

we

st

North-Central -vs- Total Market

77%

23%

North-Central Historical Occupancy2001-2007

80%

90%

100%

'07'06'05'04'03'02'01

North-Central Rental Rates ($ per SF)

$0.50

$0.60

$0.70

$0.80


'07'06'05'04'03'02'01

7

The North-Central Submarket is defined by the Kilpatrick Turnpike, NW 150th Street, the Lake Hefner Parkway, Interstate 35 and Interstate 40. Covering a large area from the State Capitol, Bricktown, Downtown Oklahoma City and the Quail Springs Mall area, it is also one of the most diverse of all the submarkets. Encompassing just over 11,216 units this submarket is the second largest in Oklahoma City. Overall occupancy rose to 91% and rental rates showed increases in all unit sizes.

CURREnT MARkET




Efficiency $0.80

One Bedroom $0.71

Two Bedroom $0.65

Three Bedroom $0.64

2008 FORECAST

• Occupancy will continue to rise

• Rental rates will continue to rise

Oklahoma City 2007 Multifamily Market Summarynorth-Central Oklahoma City Submarket

No

rth-C

en

tral

Deep Deuce in Bricktown

8

north-Central OkC Year Built Units OccupiedAverage Rent/Sq Ft


Aberdeen - 125 NW 15th St, OKC 1927 115 97% $1.30 $0.99 $0.76 $0.81

Ambassador House - 4517 N Pennsylvania Ave, OKC 1969 141 100% $0.77 $0.66 $0.57 n/a

Arbor Lake - 1301 W Hefner Rd, OKC 1985 152 96% n/a $0.73 $0.67 n/a

Aspen Place - 2700 Indian Creek Blvd, OKC 1972 358 92% n/a $0.56 $0.50 $0.48

Belle Isle Terrace - 4861 N Blackwelder Ave, OKC 1973 96 95% n/a $0.61 $0.50 n/a

Bridgeport - 1000 NW 105th St, OKC 1975 91 50% n/a $0.31 $0.35 $0.44

Casady - 2713 W Britton Rd, OKC 1967 96 100% n/a $0.55 $0.58 n/a

Chandelaque - 5528 N Portland Ave, OKC 1965 186 92% n/a $0.63 $0.72 $0.61

Copperfield - 2400 NW 30th St, OKC 1984 262 90% n/a $0.84 $0.71 n/a

Country Oaks - 3101 NW 150th St, OKC 1983 176 98% n/a $0.74 $0.67 n/a

Crosswinds - 6106 N May Ave, OKC 1968 126 99% $0.82 $0.78 $0.67 n/a

Cypress Ridge - 1209 W Hefner Rd, OKC 1969 256 90% n/a $0.49 $0.47 n/a

Deep Deuce At Bricktown - 314 NE 2nd St, OKC 2003 294 96% n/a $1.01 $0.85 n/a

Drexel On The Park - 3041 NW 41st St, OKC 1963 165 83% n/a $0.81 $0.60 n/a

Elm Creek - 4201 N Youngs Blvd, OKC 1974 99 88% $0.71 $0.57 $0.56 n/a

Fairway Park - 2600 NW 63rd St, OKC 1970 100 100% n/a $0.60 $0.57 n/a

Grouse Run - 2401 NW 122nd St, OKC 1984 244 93% n/a $0.67 $0.63 n/a

Heritage Park - 1920 Heritage Park Dr, OKC 1989 452 92% n/a $0.79 $0.62 $0.63

Jaime's Landing - 1701 NW 46th St, OKC 1972 136 98% $0.64 $0.60 $0.49 n/a

Legacy at Arts Quarter - 301 N Walker Ave, OKC 2007 303 70% n/a $1.16 $1.10 n/a

Lincoln Greens - 2301 NW 122nd St, OKC 1980 458 93% n/a $0.72 $0.68 n/a

Mayridge - 5660 N May Ave, OKC 1956 100 94% n/a $0.72 $0.64 n/a

Newport - 3407 NW 39th St, OKC 1963 124 90% $0.54 $0.42 $0.49 $0.46

Quail Creek - 11141 Springhollow Ct, OKC 1966 126 89% n/a $0.60 $0.56 $0.48

Quail Lakes - 14300 N Pennsylvania Ave, OKC 1984 384 100% n/a $0.75 $0.68 n/a

Quail Plaza - 11004 N May Ave, OKC 1970 91 100% n/a $0.65 $0.48 n/a

Quail Ridge - 2609 Featherstone Rd, OKC 1986 628 98% n/a $0.69 $0.61 n/a

Quail Run - 3264 W Memorial Rd, OKC 1978 208 95% $0.75 $0.61 $0.63 n/a

Rain Dance - 2201 NW 122nd St, OKC 1983 504 95% n/a $0.64 $0.63 n/a

Regency Tower - 333 NW 5th St, OKC 274 93% 1.31 $1.27 $1.02 $1.11 n/a

Riverchase - 11239 N Pennsylvania Ave, OKC 1973 252 95% n/a $0.59 $0.49 n/a

Sunridge - 12821 N Stratford, OKC 1985 312 93% n/a $0.57 $0.56 $0.55


No

rth

-Ce

ntr

al


9

north-Central OkC Totals 11,380 91% $0.80 $0.71 $0.65 $0.64


north-Central OkC Year Built Units OccupiedAverage Rent/Sq Ft


Sycamore Farms - 14900 N Pennsylvania Ave, OKC 1998 398 94% n/a $0.74 $0.75 $0.75

Sycamore Square - 601 Robert S Kerr Ave, OKC 59 97% n/a n/a $0.68 n/a n/a

The Highlands - 12601 & 12701 N Penn Ave, OKC 1982 998 97% n/a $0.63 $0.63 $0.64

The Links - 700 NE 122nd St, OKC 1998 588 100% n/a $0.93 $0.71 n/a

The Montgomery - 500 W Main St, OKC 2004 56 95% n/a $1.25 $1.26 n/a

Tiffany House - 5505 N Brookline Ave, OKC 1964 124 86% $1.10 $1.02 $0.89 $0.96

Village at Stratford - 12831 N Stratford, OKC 1985 356 95% n/a $0.64 $0.60 $0.59

Vintage Lakes - 10301 N Pennsylvania Ave, OKC 1972 442 30% n/a $0.64 $0.55 $0.57

Walkers Station - 2600 Tealwood Dr, OKC 1983 230 94% $0.74 $0.60 $0.58 n/a

Warwick West - 3100 NW Expressway, OKC 1979 424 100% n/a $0.79 $0.68 $0.61

Westview Manor - 1601 NW 30th St, OKC 1968 182 70% $0.74 $0.61 $0.60 n/a

Willow Run - 1025 NwW 86th St, OKC 1984 90 85% n/a n/a $0.58 n/a

Woodland Hills - 630 NE 50th St, OKC 1965 124 100% n/a $0.59 $0.52 n/a

Woodpark - 3175 N Portland Ave, OKC 1972 207 83% $0.71 $0.57 $0.56 n/a

No

rth-C

en

tral

South -vs- Total Market

16%

84%

South Historical Occupancy2001-2007

80%

90%

100%

'07'06'05'04'03'02'01

South Rental Rates ($ per SF)

$0.50

$0.60

$0.70

$0.80


'07'06'05'04'03'02'01

10

The South Oklahoma City submarket is defined by County Line Road, I-35, I-44 and

I-40 and SW 119th Street and contains most of south and west Oklahoma City.

Will Rogers World Airport, the Mike Monroney Federal Aviation Administration

Center, and Oklahoma City Community College are located here. Including 7,622

units, this sumarket is the third largest in this study. Occupancy decreased 1%

from 92% to 91%. With the exception of efficiencies, rental rates increased in all

unit types.

Current Market




Efficiency $0.76

One Bedroom $0.69

Two Bedroom $0.62

Three Bedroom $0.57

2008 Forecast

• Occupancy rates will stay above 90%

• Rental rates will continue to improve

Oklahoma City 2007 Multifamily Market SummarySouth Oklahoma City Submarket

So

uth

Montclair Parc

11

South OkC Year Built Units OccupiedAverage Rent/Sq Ft


Almonte - 5901 S May Ave, OK 1987 288 90% n/a $0.75 $0.65 n/a

Ashley Park - 2600 Frontage Rd, OKC 1975 200 82% $0.77 $0.55 $0.47 $0.56

Briar Glen - 6219 S Independence Ave, OKC 1972 131 98% n/a $0.79 $0.67 $0.60

Brighton Place - 7000 S Walker Ave, OKC 1960 158 85% n/a $0.58 $0.59 n/a

Brock Creek - 5820 S Villa Ave, OKC 1972 99 100% $0.62 $0.54 $0.47 n/a

Brookwood Village - 9401 S Shartel Ave, OKC 1973 1144 94% $0.73 $0.68 $0.66 $0.51

Cambridge Landing - 8800 S Drexel Ave, OKC 1984 400 96% $0.88 $0.79 $0.75 n/a

Carriage Square - 1292 SW 74th St, OKC 1976 254 92% n/a $0.66 $0.55 n/a

Cinnamon Square - 6624 S May Ave, OKC 1969 192 99% n/a $0.71 $0.62 n/a

Concord - 1332 SW 74th St, OKC 1967 168 87% $0.62 $0.85 $0.72 $0.60

Cornerstone - 7625 S. Douglas Blvd, OKC 1970 104 98% n/a $0.59 $0.48 n/a

Country Creek - 10300 S Western Ave, OKC 1984 320 91% $0.80 $0.75 $0.76 n/a

Eastlake Village - 12829 S Western Ave, OKC 1988 177 95% n/a $0.79 $0.77 n/a

Gardens at Reding - 3708 S Douglas Blvd, OKC 1985 157 97% n/a $1.04 $0.88 n/a

Las Brisas - 2119 SW 39th St, OKC 1970 96 75% n/a $0.72 $0.62 n/a

Legacy Crossing - 3131 SW 89th St, OKC 2001 396 95% n/a $0.83 $0.71 n/a

Los Pueblos - 717 Santa Rosa Dr, OKC 1966 200 89% n/a $0.63 $0.56 $0.58

Meadow Park - 1005 1/2 SW 74th St, OKC 1973 112 92% n/a $0.60 $0.54 n/a

Montclair Parc - 10900 S Pennsylvania Ave, OKC 1999 360 96% n/a $0.78 $0.80 $0.77

Oakcreek - 5909 S. Lee Ave, OKC 1956 170 99% n/a $0.71 $0.63 n/a

Pickwick Place - 2759 SW 74th St, OKC 1971 312 85% n/a $0.59 $0.42 $0.43

Pine Bluff - 6050 S Harvey Ave, OKC 1968 132 84% $0.70 $0.61 $0.61 $0.58

Potomac House - 2830 SW 59th St, OKC 1965 288 90% $0.72 $0.60 $0.55 n/a

Reding Square - 4020 S Douglas Blvd, OKC 1972 132 90% n/a $0.53 $0.51 n/a

Rosemont - 2300 SW 74th St, OKC 1970 156 88% n/a $0.60 $0.54 n/a

Santa Fe Point - 125 SW 74th St, OKC 1967 224 62% n/a $0.51 $0.51 n/a

Springdale - 4330 S Barnes Ave, OKC 1970 128 92% n/a $0.59 $0.51 $0.55

The Hunt - 3016 SW 89th St, OKC 1985 216 98% $0.91 $0.81 $0.78 n/a

The Remington - 7125 S Santa Fe Ave, OKC 1976 220 88% n/a $0.61 $0.55 $0.57

Timberwood - 5542 S Walker Ave, OKC 1971 128 85% $0.69 $0.62 $0.52 n/a

Watersedge - 4317 SW 22nd St, OKC 1985 368 99% $0.87 $0.96 $0.69 n/a

Winchester Run - 201 SE 89th St, OKC 1984 192 94% $0.82 $0.74 $0.75 n/a

South OkC Totals 7,622 91% $0.76 $0.69 $0.62 $0.57

Oklahoma City 2007 Multifamily Market SummarySouth Oklahoma City Submarket

So

uth

Edmond -vs- Total Market

6%

94%

Edmond Historical Occupancy2001-2007

80%

90%

100%

'07'06'05'04'03'02'01

Edmond Rental Rates ($ per SF)

$0.50

$0.60

$0.70

$0.80

$0.90

3 Bed2 Bed1 BedEFF

'07'06'05'04'03'02'01

12

Bordered on the south by the Kilpatrick Turnpike and Interstate 35 on the east

the Edmond submarket is one of the smaller submarkets studied. Home to both

Oklahoma Christian University of Sciences and Arts and the University of Central

Oklahoma, this has typically been one of the most stable submarkets. Occupancies

remained steady at 96%, and at the same time, rental rates showed increases in all

unit types. As in previous years, the average rents per square foot are the highest in

any of the submarkets in this study.

CURREnT MARkET




Efficiency $0.92

One Bedroom $0.74

Two Bedroom $0.64

Three Bedroom $0.68

2008 FORECAST

• Occupancy will continue to remain high


Oklahoma City 2007 Multifamily Market SummaryEdmond Submarket

Ed

mo

nd

CrownRidge of Edmond

13

Edmond Year Built Units OccupiedAverage Rent/Sq Ft


Boulder Creek - 3621 Wynn Dr, Edmond 1972 100 95% n/a $0.71 $0.58 $0.57

Broadway Village - 14140 N Broadway, Edmond 1997 220 94% n/a n/a $0.63 $0.62

Bryant Grove - 20 S Bryant Ave, Edmond 1972 108 98% n/a $0.65 $0.63 $0.57

Bryant Square - 1730 E 2nd St, Edmond 1986 96 96% $0.79 $0.77 $0.67 n/a

ChapelRidge of Edmond - 501 W 15th St, Edmond 1996 256 95% $0.85 $0.73 $0.66 $0.70

CrownRidge at Thomas Dr - 2500 Thomas Dr 2004 160 97% n/a $0.74 $0.66 $0.64

Kickingbird Hills - 1900 Kickingbird Rd, Edmond 1972 306 99% n/a $0.76 $0.64 n/a

Legacy Woods - 1919 E 2nd St, Edmond 1999 328 99% n/a $0.93 $0.77 $0.81

Oxford Oaks - 1920 E 2nd St, Edmond 1985 488 98% $0.96 $0.92 $0.71 $0.78

Rosewood Manor - 800 S Kelley Ave, Edmond 1995 148 98% n/a $0.72 n/a n/a

Spring Creek Of Edmond - 777 E 15th St, Edmond 1974 252 95% n/a $0.60 $0.56 $0.58

Sunset Ridge - 930 S Boulevard, Edmond 1967 97 97% $1.06 $0.60 $0.55 n/a

Windrush - 200 W 15th St, Edmond 1984 160 98% n/a $0.97 $0.85 $0.82

Edmond Totals 2,975 96% $0.92 $0.74 $0.64 $0.68

Oklahoma City 2007 Multifamily Market SummaryEdmond Submarket

Ed

mo

nd

MWC / Del City -vs- Total Market

12%

88%

MWC / Del City Historical Occupancy2001-2007

80%

90%

100%

'07'06'05'04'03'02'01

MWC / Del City Rental Rates ($ per SF)

$0.40

$0.50

$0.60

$0.70

$0.80


'07'06'05'04'03'02'01

14

The Midwest City / Del City Submarket is defined by Interstate 35, Interstate 240,

NE 50th Street and Douglas Boulevard. Tinker Air Force Base as well as Rose State

College are located in this area. This submarket continues to provide the lowest rents

per square foot of the entire market. The majority of the properties are pre-1980s.

This submaket experienced a 4% growth in occupancy and rental rates increased

across the board.

CURREnT MARkET




Efficiency $0.79

One Bedroom $0.64

Two Bedroom $0.58

Three Bedroom $0.58

2008 FORECAST

• Occupancy will continue to stabalize


Oklahoma City 2007 Multifamily Market SummaryMidwest City / Del City Submarket

Mid

we

st C

ity

/ D

el

Cit

y

Chapel Ridge at SE 48th

15

Midwest City / Del City Year Built Units OccupiedAverage Rent/Sq Ft


Ashwood Apts. - 3451 SE 44th St, Del City 1969 157 96% $0.63 $0.48 $0.46 $0.49

Aspen Walk - 5537 S Sunnylane Rd, Del City 1974 145 94% n/a $0.58 $0.53 n/a

Cedar Hills - 4625 Tinker Expressway, Midwest City 1970 124 99% n/a $0.83 $0.64 $0.58

ChapelRidge at SE 48th St - 5707 SE 48th St 2003 152 97% n/a $0.83 $0.77 $0.79

Cherry Hill - 4708 SE 44th St, Midwest City 1976 104 80% $0.55 $0.58 $0.56 n/a

Chestnut Square - 6004 Will Rogers, Midwest City 1972 104 89% n/a $0.45 $0.50 $0.50

Coach Light - 8032 E Reno Ave, Midwest City 1972 140 96% n/a $0.57 $0.55 n/a

Concord - 9300 Orchard Blvd, Midwest City 1985 128 98% n/a $0.72 $0.68 n/a

Courtyard Village - 2834 N Oakgrove, Midwest City 1972 286 85% $0.62 $0.52 $0.48 $0.49

Fairfax - 7801 NE 10th St, Midwest City 1971 250 92% n/a $0.56 $0.51 $0.51

Huntington Place - 1401 N Midwest Blvd, MWC 1972 288 94% n/a $0.58 $0.49 $0.51

Legacy Corner - 1401 N Midwest Blvd, Midwest City 2004 298 98% n/a $0.83 $0.76 $0.77

Logan Point - 481 Scott St, Del City 1970 260 85% n/a $0.59 $0.62 $0.58

Meadow Glen - 1250 N Air Depot Blvd, Midwest City 1985 120 99% $0.89 $0.82 $0.76 n/a

Meadow Ridge - 1168 N Douglas Blvd, Midwest City 1984 164 94% n/a $0.62 $0.55 n/a

Meadowood Village - 6345 E Reno Ave, MWC 1969 199 97% $0.79 $0.55 $0.56 $0.55

Midwest City Depot - 215 W MacArthur Dr, MWC 1985 132 95% n/a $0.81 $0.73 n/a

Midwest Manor - 327 N Midwest Blvd, Midwest City 1972 102 98% n/a $0.74 $0.70 n/a

Midwest Territory - 1505 N Midwest Blvd, MWC 1985 176 97% n/a $0.72 $0.63 $0.65

Orchard Springs - 1312 N Midwest Blvd, Midwest City 1971 201 97% n/a $0.63 $0.55 $0.60

Park Forest - 4328 SE 46th St, Del City 1978 224 78% n/a $0.53 $0.54 $0.55

Parkview - 8401 E Reno Ave, Midwest City 1975 294 85% n/a $0.58 $0.60 $0.57

Raintree Meadows - 471 Harr Dr, Midwest City 1973 216 90% $0.87 $0.65 $0.61 n/a

Raleigh Square - 4500 Cherry Hill Ln, OKC 1982 104 97% n/a $0.55 $0.51 n/a

Rolling Oaks - 429 N Air Depot Blvd, Midwest City 1969 194 98% n/a $0.59 $0.58 $0.48

Silverwood - 1200 N Air Depot Blvd, Midwest City 1976 120 73% $0.66 $0.71 $0.56 $0.54

Springtree - 7020 E Reno Ave, Midwest City 1969 145 83% n/a $0.59 $0.48 n/a

Summerscape - 3250 SE 44th St, Del City 1974 132 85% n/a $0.51 $0.55 $0.59

Sunnyview - 4502 Sunnyview Dr, OKC 1974 224 78% n/a $0.52 $0.48 $0.50

Tinker Del Village - 3017 Del View Dr, Del City 1970 157 94% n/a $0.57 $0.48 $0.55

Villa Gardens - 2908 N Glenhaven Dr, Midwest City 1975 96 95% n/a $0.58 $0.53 n/a

Woodside - 8517 E Reno Ave, Midwest City 1972 188 97% n/a $0.74 $0.73 $0.69

Yorkshire - 2512 W Glenhaven Dr, Midwest City 1970 111 90% n/a $0.70 $0.65 n/a

Midwest City / Del City Totals 5,850 92% $0.79 $0.64 $0.58 $0.58

Oklahoma City 2007 Multifamily Market SummaryMidwest City / Del City Submarket

Mid

we

st City

/ De

l City

Mustang / Yukon -vs- Total Market

4%

96%

Mustang / Yukon Historical Occupancy2001-2007

80%

90%

100%

'07'06'05'04'03'02'01

Mustang / Yukon Rental Rates ($ per SF)

$0.40

$0.50

$0.60

$0.70

$0.80


'07'06'05'04'03'02'01

16

The Mustang / Yukon submarket is defined by the Kilpatrick Turnpike Loop, State

Highway 152, State Highway 92 and Route 66, encompassing the cities of Mustang

and Yukon on the western edge of Oklahoma City. With just over 1,800 units studied,

this submarket is the smallest in the Metro area. Occupancy rose to 96%, and with

the exception of the three bedroom units, rents rose in all the other unit sizes. Rental

rates in the three bedroom units fell from $0.61 to $0.59 per square foot.

CURREnT MARkET




Efficiency $0.81

One Bedroom $0.64

Two Bedroom $0.61

Three Bedroom $0.59

2008 Forecast

• Occupancy rates will remain strong


Oklahoma City 2007 Multifamily Market SummaryMustang / Yukon Submarket

Mu

sta

ng

/ Y

uk

on

Chapel Ridge of Yukon

17

Oklahoma City 2007 Multifamily Market SummaryMustang / Yukon Submarket

Mustang / Yukon Year Built Units OccupiedAverage Rent/Sq Ft


Cedar Creek - 404 S 2nd St, Yukon 1975 40 98% n/a $0.64 $0.54 $0.57

Chapel Ridge - 11501 SW 15th St, Yukon 2004 200 96% n/a $0.68 $0.65 $0.68

Charlemagne - 100 N Kimball Rd, Yukon 1967 94 92% n/a $0.57 $0.57 $0.50

Charlemagne II - 100 N Briarwood St, Yukon 1973 67 94% n/a $0.44 $0.49 n/a

Colonial Hills - 1000 S Cornwell Dr, Yukon 1965 230 94% n/a $0.47 $0.51 $0.44

Fieldstone - 101 Fieldstone Way, Mustang 1985 138 99% $0.79 $0.62 $0.63 n/a

HighlandPointe - 500 S Pointe Ln, Mustang 2003 232 96% n/a $1.01 $0.83 $0.73

Pebble Creek - 360 N Pebble Creek Terrace, Mustang 1999 192 97% n/a n/a $0.60 $0.61

Stone Ranch - 55 N Ranchwood Blvd, Yukon 1972 72 96% n/a $0.56 $0.52 n/a

Whitehorse - 10801 NW 39th St, Yukon 1985 240 98% n/a $0.68 $0.62 n/a

Woodoaks - 633 W Vandament Ave, Yukon 1972 181 96% n/a $0.59 $0.57 n/a

Woodrun Village - 11501 Lochwood Dr, Yukon 1984 192 97% $0.84 $0.77 $0.80 n/a

Mustang / Yukon Totals 1,878 96% $0.81 $0.64 $0.61 $0.59

Mu

stan

g / Y

uk

on

Moore / Norman -vs- Total Market

13%

87%

Moore / Norman Historical Occupancy2001-2007

80%

90%

100%

'07'06'05'04'03'02'01

Moore / Norman Rental Rates ($ per SF)

$0.50

$0.60

$0.70

$0.80


'07'06'05'04'03'02'01

18

The Moore / Norman submarket is defined by Interstate 240, Interstate 44, State

Highway 9 and Lakes Stanley Draper and Thunderbird and encompasses the cities of

Moore and Norman. The University of Oklahoma, National Weather Service Storm

Prediction Center, the US Postal Center for Employee Development and several other

large businesses are located here. There has been substantial multifamily development

in the Norman market in the past five years with additional development in the

specialized student housing and affordable housing markets.

Current Market

• 6,511UnitsStudied

• AggregateVacancyis6%

• Aggregateavailablerentalratesare:

Efficiency $0.78

One Bedroom $0.72

Two Bedroom $0.65

Three Bedroom $0.63

2008 Forecast

• Asthemarketcontinuestoabsorbthenewconstruction,occupancieswill

remain stable

• Rentalrateswillcontinuetoremainstrong

Oklahoma City 2007 Multifamily Market SummaryMoore / norman Submarket

Mo

ore

/ N

orm

an

Garland Square

19

Moore / norman Year Built Units OccupiedAverage Rent/Sq Ft


Alameda Pointe - 2021 E Alameda St, Norman 2004 144 100% n/a n/a $0.71 n/a

Apple Creek - 3001 Pheasant Run Rd, Norman 1985 248 94% $0.71 $0.62 $0.63 n/a

Avalon - 2920 Chautauqua Ave, Norman 1997 98 100% n/a $1.06 $0.74 n/a

Bishops Landing 333 E Brooks, OKC 1961 260 96% $0.95 $0.76 $0.72 n/a

Brandywine Gardens - 1123 Brandywine, Norman 1985 104 95% n/a $0.59 $0.56 n/a

Brookhollow - 965 Biloxi Dr, Norman 1980 121 95% $0.77 $0.68 $0.58 $0.60

Cedarlake - 4119 W Main St, Norman 1984 152 99% n/a $0.89 $0.69 n/a

Cedars - 218 Bull Run St, Norman 1980 96 95% $0.76 $0.73 $0.77 n/a

ChapelRidge of Norman - 1900 Renaissance Dr 1999 144 99% n/a $0.79 $0.72 $0.73

Charleston - 2073 W Lindsey St, Norman 1970 163 90% n/a $0.65 $0.70 $0.59

Cimmaron Trails - 3100 W Rock Creek Rd, Norman 1984 228 92% n/a $0.79 $0.70 $0.61

Countryside Village - 9516 S Shields Blvd, Moore 1985 360 93% n/a $0.73 $0.65 n/a

Echo Of Spain - 917 24th Ave SW, Norman 1976 99 97% $0.72 $0.64 $0.59 n/a

Forest Pointe - 1100 Oak Tree Ave, Norman 1987 157 86% n/a $0.83 $0.73 n/a

Garland Square - 201 Woodcrest Dr, Norman 1972 110 90% n/a $0.52 $0.60 $0.54

Hampton Woods - 3001 Oak Tree Ave, Norman 1985 248 97% n/a $0.78 $0.74 n/a

Hillcrest Estates - 131 N. Crestland Dr, Oklaho 1984 112 74% n/a n/a $0.50 n/a

Live Oak - 1115 Biloxi Dr, Norman 1969 118 85% n/a $0.58 $0.52 $0.49

Parkwood - 1357 12 Ave. N.E. 1971 102 95% n/a $0.55 $0.51 $0.62

Port At The Trails - 3231 Conestoga Dr, Norman 1985 128 98% $0.72 $0.76 $0.70 n/a

Post Oak - 705 Ridgecrest Circle, Norman 1985 304 91% $0.90 $0.85 $0.76 n/a

Presidential Gardens - 1938 Filmore Ave, Norman 1972 120 90% $0.87 $0.66 $0.59 $0.65

Rebecca Lane - 1203 Rebecca Ln, Norman 1975 131 96% n/a $0.63 $0.59 n/a

Renaissance at Norman - 1600 Ann Branden, Blvd 1999 228 96% n/a $0.80 $0.66 $0.75

Riverbend - 1502 E Lindsey St, Norman 1984 216 90% n/a $0.86 $0.69 n/a

Savannah Harbor - 300 36th Ave SW, Nomran 1982 164 97% n/a $0.77 $0.65 $0.62

Savannah Ridge - 4701 W Heritage Place Dr, Norman 1983 212 98% n/a $0.77 $0.65 n/a

Savannah Square - 300 36th Ave SW, Norman 1984 240 98% n/a $0.78 $0.78 n/a

Southwind - 813 City Ave, Moore 1966 150 95% n/a $0.44 $0.46 n/a

Summer Pointe - 1049 E Brooks St, Norman 1978 192 90% n/a $0.53 n/a $0.65

The Greens At Moore - 2100 S Santa Fe, Moore 1999 360 100% n/a $0.90 $0.66 n/a

The Pines - 1616 E Alameda St, Norman 1970 141 100% n/a $0.78 $0.75 n/a


Mo

ore

/ No

rma

n


20

Moore / norman Totals 6,511 94% $0.78 $0.72 $0.65 $0.63

Moore / norman Year Built Units OccupiedAverage Rent/Sq Ft


The Springs of Moore - 804 NW 12th St, Moore 1971 104 98% $0.64 $0.62 $0.59 n/a

Turnberry - 1911 Twisted Oak Dr, Norman 1972 140 89% n/a $0.71 $0.60 $0.66

Villas at Countryside Village - 9501 S I-35 Svc Rd 2002 360 98% n/a $0.77 $0.73 n/a

Westwood Park Village - 1836 W Robinson St 1971 257 96% n/a $0.69 $0.58 $0.64


Mo

ore

/ N

orm

an

- S

tud

en

t H

ou

sin

g -

Ne

w C

on

stru

cti

on

Oklahoma City 2007 Multifamily Market SummaryStudent Housing

Oklahoma City 2007 Multifamily Market Summarynew Construction

* Student housing

Student Housing Year Built Units Bedrooms

Crimson Park - Moore / Norman 2005 268 792

Campus Lodge - Moore / Norman 2004 192 786

The Reserve on Stinson - Moore / Norman 2004 455 898

University Commons - Moore / Norman 1995 254 780

Dillon Park - Edmond 2004 36 141

Student Housing Totals 1,205 3,397

new Construction Housing Status Units

Village at Quail Springs - North Construction 204

The Enclave - Edmond Construction 150

Bryant Place Apartments - Edmond * Construction 112

Sieber Aptment Hotel - Midtown Construction 38

Summit Groves - Edmond Planned 140

Fountain Lake - Edmond Planned 302

Summit Pointe - South Planned 180

new Construction Totals 1,205

21

2007 Sales Summary

Age # of Properties # of UnitsAverage Price

per Unit

Pre - 1970 9 1,575 $23,121

1970 - 1979 28 5,897 $25,347

1980 - 1989 5 1,416 $35,398

1990 - 1999 1 113 $103,982

2000 - 2007 3 770 $77,597

Totals / Avg 46 9,771 $31,472

2006 Sales Summary

Age # of Properties # of UnitsAverage Price

per Unit

Pre - 1970 21 2,271 $26,000

1970 - 1979 20 2,277 $26,453

1980 - 1989 5 727 $36,492

1990 - 1999 1 252 $73,809

2000 - 2007 2 396 $136,734

Totals / Avg 49 5,923 $59,897

Ma

rke

t Sa

les D

ata

Oklahoma City 2007 Multifamily Market SummaryMarket Sales Data

Property name Address Sale Date Sale Price number of Units Price Per Unit Built

Deep Deuce Apartments 314 NE 2nd St, Oklahoma City, OK July 26, 2007 $26,900,000 294 $91,497 2001

Woodscape I Apartments 4401 NW 39th St, Oklahoma City, OK November 7, 2007 $17,510,000 222 $78,874 1984

Stoneleigh on May Apartments 14300 N May Ave, Oklahoma City, OK January 3, 2007 $16,600,000 244 $68,033 2001

Woodlake Apartments 6446 N Peniel, Oklahoma City, OK September 18, 2007 $16,565,000 790 $20,968 1972

Highland Pointe Apartments 500 Pointe Parkway, Yukon, OK February 8, 2007 $16,250,000 232 $70,043 2000

Village at Stratford Apartments 12831 N Stratford, Oklahoma City, OK April 17, 2007 $13,000,000 356 $36,517 1984

Garden Gate Apartments 4023 Fontana, Oklahoma City, OK February 21, 2007 $11,750,000 113 $103,982 1995

Wilshire East Apartments 7404 Lyrewood, Oklahoma City, OK September 24, 2007 $9,700,000 500 $19,400 1968

Tuscany Village Apartments 6900 London, Oklahoma City, OK September 12, 2007 $9,700,000 340 $28,529 1973

Sun Ridge Apartments 12821 N Stratford, Oklahoma City, OK November 10, 2007 $9,500,000 312 $30,449 1984

Overlake Apartments 7902 NW 21st St, Bethany, OK March 6, 2007 $9,500,000 339 $28,024 1975

Huntington Place Apartments 1401 N Midwest Blvd, Oklahoma City, OK November 30, 2007 $9,100,000 288 $31,597 1974

Overlake Apartments 7902 NW 21st St, Bethany, OK February 14, 2007 $8,750,000 339 $25,811 1975

Sunnyview Apartments 4502 Sunnyview, Oklahoma City, OK February 22, 2007 $7,750,000 224 $34,598 1974

Potomac House Apartments 2814 SW 59th St, Oklahoma City, OK June 18, 2007 $7,311,000 288 $25,385 1973

Walker Station Apartments 2600 Tealwood, Oklahoma City, OK May 9, 2007 $7,163,000 230 $31,143 1983

Sunnyview Apartments 4502 Sunnyview, Oklahoma City, OK February 20, 2007 $7,000,000 224 $31,250 1974

Chandelaque Aparments 5528 N Portland Ave, Oklahoma City, OK May 1, 2007 $6,600,000 186 $35,484 1974

Parkview Apartments 8401 E Reno Ave, Midwest City, OK June 1, 2007 $6,390,000 294 $21,735 1975

Meridian Ridge apartments 6300 N Meridian Ave, Oklahoma City, OK June 18, 2007 $6,250,000 187 $33,422 1973

Oakridge Village Apartments 3344 S Bryant Ave, Oklahoma City, OK January 9, 2007 $6,000,000 200 $30,000 1970

Springbrook Apartments 8501 Candlewood, Oklahoma City, OK December 10, 2007 $5,600,000 328 $17,073 1971

Oakridge Village Apartments 3344 S Bryant Ave, Oklahoma City, OK January 8, 2007 $4,875,000 200 $24,375 1970

Courtyard Village Apartments 3834 N Oakgrove, Oklahoma City, OK November 5, 2007 $4,762,000 286 $16,650 1972

Sunrise Park Apartments 1901 Crooked Oak, Oklahoma City, OK August 1, 2007 $4,400,000 367 $11,989 1968

Crosswinds Apartments 6101 N May Ave, Oklahoma City, OK May 1, 2007 $4,390,000 126 $34,841 1968

Jaime's Landing Apartments 1701 NW 46th St, Oklahoma City, OK November 30, 2007 $4,250,000 136 $31,250 1964

Mansions South Apartments 3401 N I-35 Service Rd, Moore, OK May 9, 2007 $4,200,000 146 $28,767 1979

Turnberry Apartments 1911 Twisted Oak Dr, Norman, OK July 31, 2007 $4,150,002 140 $29,643 1973

Meridian Mansions Apartments 1309 N Meridian Ave, Oklahoma City, OK May 9, 2007 $3,550,000 114 $31,140 1965

Charlamagne Apartments 100 Kimball, Yukon, OK January 1, 2007 $3,350,000 161 $20,807 1970

Mayridge Apartments 5660 N May Ave, Oklahahoma City, OK January 23, 2007 $3,235,000 100 $32,350 1960

Trinity Place Apartments 4312 VFW, Del City, OK June 11, 2007 $3,000,000 116 $25,862 1970

Casa Linda Apartments 5418 N Meridian Ave, Oklahoma City, OK November 27, 2007 $3,000,000 99 $30,303 1975

Dorjay Apartments 4311 SE 9th St, Del City, OK June 7, 2007 $3,000,000 116 $25,862 1970

Pinehurst Apartments 12301 N MacArthur Blvd, Oklahoma City, OK May 30, 2007 $2,950,000 296 $9,966 1983

Mt. Vernon Apartments 4012 N Meridian Ave, Oklahoma City, OK December 11, 2007 $2,925,000 92 $31,793 1965

Hillcrest Green Apartments 3317 SW 74th St, Oklahoma City, OK February 9, 2007 $2,339,500 96 $24,370 1973

Sierra Pointe Townhomes 5107 N Hammond, Oklahoma City, OK December 6, 2007 $2,333,500 84 $43,213 1972

Stone Ranch Apartments 55 Ranchwood, Yukon, OK March 22, 2007 $2,063,000 72 $28,653 1972

Crosswinds Cove Apartments 2813 NW 59th St, Oklahoma City, OK May 1, 2007 $2,000,000 68 $29,412 1969

Ridge View Apartments 6708 W Wilshire Blvd, Oklahoma City, OK August 7, 2007 $2,000,000 119 $16,807 1971

Plymouth House Apartments 4301 N Pennsylvania Ave, Oklahoma City, OK July 18, 2007 $1,965,000 72 $27,292 1967

Taylor Ridge Apartments 4759 NW 36th St, Oklahoma City, OK March 20, 2007 $1,670,000 54 $30,926 1974

Briarwood Apartments 100 N Briarwood, Yukon, OK January 19, 2007 $1,390,000 67 $20,746 1970

Country Estate 6500 NW 11th St, Oklahoma City, OK August 10, 2007 $825,000 114 $7,237 1973

Totals $307,512,002 9,771 $31,472 Properties below 50 units were not reported

Oklahoma CityMultifamily 2007 Sales Summary

In 2007, multifamily sales volume reached a new bench mark of over $307,000,000 with 9,771 units selling in 46 transactions. Overall average price per unit was $31,472. In 2006, sales volume of all types of multi-family properties was $218 million on 49 closed transactions with an overall average unit price of $36,817. However, after backing out the sale of three non-traditional, student oriented properties that closed in 2006, the total sales volume of traditional multifamily properties was slightly over $145,000,000 on 46 closed transactions with 5,275 units. Average 2006 sales price per unit on traditional multifamily properties was $27,520. In comparing per unit price from 2006 to 2007, value rose 12.6%.

In 2007, there were 9 sales of pre-1970s properties with an average sales price of $23,121 per unit. In 2006, there were 21 sales of pre-1970s apartments, and price per unit was $26,362. Also, 2007 saw the sale of 28 pre-1980s properties with an average sales price of $25,347. In 2006, there were 20 sales of pre-1980s vintage with an average $25,810 per unit. 2007 saw 5 pre-1990s vintage properties sell with an average of $35,398 per unit. 2006 saw 5 pre-1990s vintage properties sell; however, the average price per unit was $36,482. The unique Garden Gate Apartment property, consisting of detached, as well as, more tradition multifamily housing sold in 2007. Built in phases in the 80s and 90s, the 113 unit Garden Gate sold for $103,982 per unit. The only 1990s vintage property to sell in 2006 was the student property, University Commons, in Norman. University Commons sold for $73,810 per unit. In addition, 2007 saw three properties built after 2000 sell at an average sales price of $77,597 per unit. Each of the three was classified as Class A, and each had unique locations. Stoneleigh on May, located at 14300 N. May, has 244 units and sold for $68,032 per unit. HighlandPointe located on Pointe Parkway in Yukon, has 232 units and sold for $70,043. Deep Deuce Apartments, Oklahoma City’s first downtown housing located at 314 NE 2nd, has 294 units and sold for $91,497 per unit. This figure represents a gain of almost 10% from the $82,500 per unit Deep Deuce sold for in 2004. 2006 saw the sale of two Norman properties that were built after 2000. Both are non traditional, student properties and sold for a combined average price of $137,121 per unit. No traditional 2000 vintage apartments sold in 2006.

key Factors to Watch in the Coming Year:

Out of state investors will continue to set the pace for multifamily sales.

Rental rates will continue to improve.

Occupancies will continue to stabilize.

Capitalization rates will increase.

Lenders will be more conservative in underwriting loan requests.

PriceEdwards&Company•210ParkAvenue,Suite1000,OklahomaCity,OK73102•P(405)843-7474•F(405)236-1849

www.priceedwards.com

multifamily market summary 2007 - price edwards · to national projections by the joint center for...

Documents