New Lease on Life

In OKC, it’s Capitol.. on 28th

By Leah Etling on Jun 3, 2013 in News

As any redevelopment professional knows, the challenge of turning an aging, crime-ridden, Section 8 property into a trendy, coveted, market-rate lifestyle community is no small task. It requires vision, planning, enthusiasm and fearless execution. But with the right attitude, aggressive mobility and perhaps a little luck, amazing transformations can become reality.

In Oklahoma City, there’s one taking place right now at a 223-unit multifamily community formerly known as Park Place. Purchased by Haley Real Estate Group early this year, renamed Capitol on 28^th and now undergoing a major facelift, the future is looking mighty bright for this previously run-down complex constructed in the late 1960s. With an ideal location near the state capitol and the University of Oklahoma Health Sciences Center, it is poised to become a sought after address for medical and government professionals.

“It’s an ideal location for an urban contemporary community,” said Troy Arnold, regional vice president for DEI Communities, Haley’s property management arm. With that focus, DEI expects to spend $8 million on renovations and improvements.

Not far from downtown, with easy access to public transportation and biking or walking proximity to two major employment centers, the potential of the location was evident. But an overhaul of the existing infrastructure, entailing major construction, was required.

Yardi client DEI started an aggressive effort to change the tone at Park Place the day escrow closed on the $4.2 million sale. Crime at the property had been a major problem, with up to 900 calls to law enforcement from the address between late 2011 and 2012. DEI brought in 24-hour security by hiring off-duty police officers from the Oklahoma City police department. They also started limiting guest access only to those who were verified visitors of residents.

Without wasting any time, the new management team met with 125 residents over ten days to announce that due to renovation plans, leases would not be renewed. Residents were offered a $500 incentive to move out – and quickly and readily accepted. In just three months, the premises were vacant and the construction phase of the project could commence, and is now fully underway.

“We worked with the city Housing Authority and state Housing Authority to make sure there were minimum hang-ups with the move out, but it turned out that went very smoothly,” Arnold said.

The vision for the new Capitol on 28^th is ideal for the young urban professional. The revamped apartments will have stained concrete flooring (bedrooms will be carpeted), and exposed ceilings. There will be an expansive fitness center, comfortable pub-style activity room, remodeled pool area, and covered parking for bikes and cars. Green features include routing rain run-off from the parking awnings onto the property landscaping and encouraging residents to have a carless lifestyle. Also outside are a communal barbecue commons and a dog park with areas for large and small dogs.

Amenities will include an on-site concierge to assist with laundry drop-off and package pick-up. Technology features will be abundant, including the ability to buzz in guests via smartphone (with a gate camera that allows you to see who has arrived to visit), and wireless-networked washer/dryer units that can ping you when your laundry is done. The high-tech laundry rooms will also allow for advance scheduling of machines.

“We really want to make this a resident friendly community,” noted Arnold. The property is less than a 5 minute drive from the downtown Oklahoma City entertainment district, meaning that restaurants and nightlife are close by, but not so close that they’ll be a convenient distraction from work or study. “It’s very convenient to everything you want to get to,” Arnold said.

Using social media to build buzz and interest about the project has already been successful, said DEI Marketing Director Ashley Tatum. Promoting the urban contemporary living that will be offered at Capitol on 28^th, the community’s Facebook page offers renderings and photos that hint at community design concepts, talks about the Fitness on Demand system that will be used in the fitness center, and promotes the Capitol on 28^th blog.

With construction moving along quickly, lease-up at the property is already underway. The plan is to have all work on the project complete by the end of 2013. Studio/micro units are renting for $600-$700, one-bedroom apartments from $800-$900, and two bedrooms from $900-$1000.

With City Center one of Oklahoma City’s most popular rental neighborhoods, it seems likely that prospects will jump at the chance to live in an uber-convenient location, with brand-new apartments and amenities, for a more affordable price point.  For more information about Capitol on 28^th, visit their website at http://www.cap28okc.com or call (405) 525-3779.

Overseeing more than $600 million of multi-family assets, compiled of 10,000+ apartment units across the Central United States, DEI Communities is a recognized leader in multifamily property management. DEI Communities has received the Accredited Management Organization® (AMO®) credential from the Institute of Real Estate Management (IREM). The AMO accreditation recognizes excellence among real estate management firms. Only those firms that achieve the highest level of performance, experience and financial stability and have a CPM in executive position can earn the AMO credential. For more information, please visit http://www.DEICommunities.com.