1 2019 Oklahoma City Apartment Overview & 2020 Forecast · In fact, they have represented fifty different banks, savings and loans, life insurance companies, government agencies,

1

2019 Oklahoma City Apartment Overview

& 2020 Forecast

Eva WillsFirst Vice President

405 607 [email protected]

William ForrestFirst Vice President

405 607 [email protected]

Oklahoma Multifamily Advisory

2

CBRE © 2020 All Rights Reserved. All information included in this proposal pertaining to CBRE—including but not limited to its operations, employees, technology and clients—are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without the prior written consent of CBRE. This proposal is intended solely as a preliminary expression of general intentions and is to be used for discussion purposes only. The parties intend that neither shall have any contractual obligations to the other with respect to the matters referred herein unless and until a definitive agreement has been fully executed and delivered by the parties. The parties agree that this letter/proposal is not intended to create any agreement or obligation by either party to negotiate a definitive lease/purchase and sale agreement and imposes no duty whatsoever on either party to continue negotiations, including without limitation any obligation to negotiate in good faith or in any way other than at arm’s length. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may (1) propose different terms from those sum-marized herein, (2) enter into negotiations with other parties and/or (3) unilaterally terminate all negotiations with the other party hereto. The information herein has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. The maps herein contain information from sources we believe to be reliable, but we make no representation, warranty or guaranty of their accuracy. These maps are published for the use of CBRE, Inc. and its clients only. Redistribution in whole or part to any third party without the prior written consent of CBRE, Inc. is strictly prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

About the Authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Multifamily Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Executive Summary/At A Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Submarket Snapshots

NW OKC North Half. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

NW OKC South Half . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Edmond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

SW OKC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Norman. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Midwest City/Del City . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

New Construction

New Construction by Submarket (2000 - Present) . . . . . . . . . . . . . . . . . 22

Construction Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Table of Contents

Table of Contents

3

About the AuthorsEva Wills, First Vice President405 607 6230 • [email protected] • cbre.us/eva.wills

William Forrest, First Vice President405 607 6251 • [email protected] • cbre.us/william.forrest

William T. Forrest founded the Multifamily specialty in Oklahoma City with CBRE in 1985. Together with Eva Wills, they form the top multifamily investment team in the state of Oklahoma. They have been involved in the sale of over 400 properties since 1987 totaling over 69,000 units and more than $1.7 billion in consideration.

They specialize in the exclusive listing and sale of multifamily properties in Oklahoma. They take great pride in helping their clients achieve the highest possible sales price and have represented both institutional and private capital clients with the sale of individual properties and portfolios up to 2,000 units. They are the premier source of detailed current and historic information for the Tulsa and Oklahoma City apartment markets.

The Oklahoma Multifamily Investment Team has unique experience selling distressed assets. In fact they have represented fifty different banks, savings and loans, life insurance companies, government agencies, advisors and special servicers in the sale of foreclosed apartment properties in over one hundred separate transactions.

They are consistently among the company’s top producers. They are frequent speakers regarding multifamily topics for professional organizations such as NAIOP, IREM, appraisal organizations and economic forums and forecasts for the State of Oklahoma and are regularly quoted in newspaper articles, in both Oklahoma City and Tulsa publications.

In 2000 CBRE|Oklahoma was formed as an independently owned affiliate with CBRE, Inc. As a Principal of the company, William’s role was multifaceted, serving as both Managing Director of the Oklahoma City office and as a Multifamily specialist. In 2015, CBRE|Oklahoma was purchased by CBRE, Inc., where William continues his role as an Advisory and Transaction Broker with the Multifamily segment of CBRE.

Eva M. Wills, prior to joining CBRE in 2000, was the co-founder of Mercury Properties, a private real estate investment company. Ms. Wills provided consulting services to owners and management companies in attaining the optimum level of success for multifamily investment assets.

Together with William Forrest, they formed the top multifamily investment team in the state of Oklahoma. They have been involved in the sale of over 400 properties totaling over 69,000 units and more than $1.7 billion in consideration. They specialize in the exclusive listing and sale of multifamily properties and portfolios in Oklahoma.

They take great pride in focusing on assisting their clients in achieving their investment criteria in the Oklahoma market. They have represented both institutional and private capital clients with the sale of individual properties and portfolios. They are the premier source of detailed current and historic information for the Tulsa and Oklahoma City apartment markets.

The Oklahoma Multifamily Investment Team has unique experience selling distressed assets. In fact, they have represented fifty different banks, savings and loans, life insurance companies, government agencies, advisors and special servicers in the sale of foreclosed apartment properties in over on hundred separate transactions.

In 2000, CBRE|Oklahoma was formed as an independently owned affiliate with CBRE, Inc. Eva was a Principal of the company and Multifamily Investment Specialist. In 2015, CBRE|Oklahoma was purchased by CBRE, Inc., where Eva continues her role as an Advisory and Transaction Broker with the Multifamily segment of CBRE, Inc.

Whatever multifamily needs you may have, please feel free to reach out to us. We welcome your inquiries into the Oklahoma multifamily market and look forward to working with you.

4

Multifamily Overview

CBRE MULTIFAMILY

CBRE Multifamily continues to set the bar as the industry leader. With the most powerful platform, covering all facets of the apartment industry, we provide our clients access to the most experienced and highly specialized professionals in every market. In terms of total dollar volume, CBRE has completed more multifamily property transactions than any other brokerage firm in the United States since 2001.1

CBRE’s Capital Markets platform, comprised of property sales, finance and investment banking, works as a seamless, fully integrated service offering to assure clients that all investment strategies are evaluated. As the recognized worldwide leader in advising our clients on the purchase and sale of incomeproducing properties, debt and structured finance, and entity-level consultancy and execution, we offer complete capital markets solutions everywhere around the globe. In this challenging market, our professionals have the expertise in the multifamily market to effectively execute on every deal.

CBRE Multifamily integrates market research with proprietary investor databases, allowing us to analyze market cycles, anticipate trends and command capital in local, national and global markets. Our clients also benefit from leading-edge commentary and statistical data, provided by CBRE Econometric Advisors, on topics across every facet of investment real estate. We set the industry standard for market intelligence by utilizing our integrated network of professionals and our vast commercial real estate database.

SPECIALTY AREAS OF OUR PLATFORM

• Asset acquisition and disposition

• Freddie Mac Program Plus Seller/Servicer

• Freddie Mac Small Balance Loan Originator

• Fannie Mae DUS® Lender

• FHA Direct Lender

• Economic research and forecasting

• Student Housing

• Senior Housing

• Manufactured Housing

• Affordable Housing/National Tax Credit Advisory

(1)Source: Real Capital Analytics; Mortgage Bankers Association

$25.68B+MULTIFAMILY SALES TRANSACTIONS

2017

#1 FREDDIE MACSELLER/SERVICER 2009-2017

$24.7B+LOAN ORIGINATIONS

LEADING NON-BANKCOMMERCIAL REAL ESTATE LENDER

65 OFFICESU.S. MULTIFAMILY

300+ PROFESSIONALSU.S. MULTIFAMILY

TOP FIRM SINCE 2001U.S. MULTIFAMILY (PER RCA)

$12.5BFREDDIE MAC LENDING

$4.9BFANNIE MAE DIRECT LENDING

$6.8BOTHER LENDING SOURCES

$74 BILLION2017 CAPITAL MARKETS MULTIFAMILY TRANSACTIONS

5

Multifamily U.S. Market Coverage

CA

AZ

TX

IL

PA

NJ

GA

FL

VA

NC

NM

OH

IA

MI

HI

TN

WA

CO

WI

NY

IN

CT

MO

ORMN

Milwaukee

Seattle

Portland

MInneapolis

De MoinesChicago

St. Louis

DetroitLansing

Grand Rapids

ToledoCleveland

ColumbusCincinnati

Pittsburgh

Philadelphia

Buffalo

NV

Reno

Las Vegas

Denver

AtlantaPhoenix

Tucson

Albuquerque

Dallas

Houston

San Antonio

Austin

Oklahoma City

Tulsa

OK

Kansas City

San Diego

AnaheimNewport Beach

OntarioSouth Bay

San Jose

San FranciscoOakland

Sacramento

Walnut Creek

Miami

Tampa

Jacksonville

Orlando

Ft. LauderdaleWest Palm Beach

Naples/Ft. Myers

Indianapolis

NashvilleCharlotte

Greensboro Raleigh

Boston

HartfordStamfordNew York CitySaddle Brook

NorfolkRichmond

Washington, DCMcLeanBaltimore

Honolulu

Los AngelesL.A. North/Ventura Co.

Beverly Hills

AR

Fayetteville

CharlestonSC

ColumbiaGreenville

Multifamily U.S. Market Coverage

KY

UT

Salt Lake City

6

Executive Summary

Rental RatesLast year one, two and three bedroom rates showed solid increases, even though the average occupancy has remained constant over the last four years. Another factor contributing to rental rate growth is the substantial number of properties that have undergone renovations and increased rental rates.

OccupancyOklahoma City has managed four straight years at an average occupancy of 91% and is still above its low point of 90% that was experienced twice over the past twenty-years (2004, 2009). As new construction slows and our local economy remains stable, average occupancy is likely to begin to move above it’s four year average of 91%.

Occupancies have been between 90% and 93% for over two decades. Compared to a year ago, on average:

• Our current average occupancy stayed the same at 91%. • Northwest Oklahoma City’s north half stayed the same at 90%.• Northwest Oklahoma City south half is unchanged at 89%.• Edmond averaged 93% up from 92%.• Southwest Oklahoma City is unchanged at 91%.• Norman decreased to 89%.• Midwest City/Del City continues to average 89%.

At a Glance

Rental Rates*

1 BR $610 2 BR $7243 BR $878

Occupancy

2015 92%2016 91%2017 91%2018 91%2019 91%

Sales**

2015 24 Total Sales; $239.3M2016 27 Total Sales; $247.1M2017 36 Total Sales; $377.5M2018 34 Total Sales; $305.5M2019 37 Total Sales; $377.8M

New Construction (# of Units)***

2015 2,5202016 1,0522017 1,3862018 1,2632019 953

* Pre 1990s** Over 50 units** Under Construction at Year-End

7

Executive Summary Cont.

Sales2019 was an above average (37 transactions) year for multifamily transactions over 50 units in size. As usual, average prices were composed of wide variations based on the age of the product. The sales price per unit ranged from a low of $23,750 per unit for 1970s-vintage property to a high of $140,000 per unit for a newer Class A suburban property.

After a busy 2019, we believe 2020 sales will keep pace as investors stay focused on real estate as a stable investment alternative to uncertain financial markets in a low interest rate environment. We expect transaction activity to maintain last years above average pace with more than 30 sales above 50 units, with similar average pricing to 2019 in each asset class.

8


8%

7%

8%

9%

10%

9% 9% 9% 9%

10%

9%

8%

7%

8%

7%

8%

9% 9% 9% 9%

0%

2%

4%

6%

8%

10%

12%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

OKLAHOMA CITY APARTMENT MARKETAVERAGE VACANCY

Vacancy

9

$423 $425$443 $447 $458

$482 $495$517

$545 $547 $547 $557 $566

$610

$520 $526$540 $550 $562

$586$601

$626$652 $665 $654 $667 $677

$724

$0

$100

$200

$300

$400

$500

$600

$700

$800

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

OKLAHOMA CITY APARTMENT MARKETAVERAGE RENTAL RATES

One Bedroom Two Bedroom


*Rental rates are based on properties constructed prior to 1985

*

10

Submarket — NW OKC (North Half)

Oklahoma City (North Half) likely has the highest concentration of multifamily properties anywhere in the metropolitan area. It also contains many apartment complexes built in the 1960s, 1970s and 1980s and has a strong concentration of the newer vintage of assets as well. Because of this concentration of newer vintage assets, rental rates tend to be higher in this section of northwest Oklahoma City. A significant feature in this area is the high traffic corridors such as Northwest Expressway and the Kilpatrick Turnpike. Both of these corridors have high concentrations of retail and major employers.

Compared to year-end 2018, this survey produced the following results: The 1BR/1BA average rent increased $62, 2BR/1BA average rent increased $78, the 2BR/2BA average rent increased $81and 3BR/2BA increased by $97. The average occupancy stayed the same.

Occupancies: Averaging – 90%

Range: 76% – 96%

TypeAverage

RentAvg. Sq.

Ft.Avg. Rent/

Sq. Ft.Rent Range

1 BR/1 BA $641 ñ 696 $0.92 $449–$841

2 BR/1 BA $716 ñ 885 $0.81 $609–$855

2 BR/2 BA $799 ñ 1,004 $0.80 $625–$935

3 BR/2 BA $918 ñ 1,329 $0.70 $660–$1,134

11

Submarket — NW OKC (North Half)

1 Bedroom/1 Bath 2 Bedroom/1 Bath

3 Bedroom/2 Bath2 Bedroom/2 Bath

Rental Rate Rental RateOccupancy Occupancy


$569

$551

$567$579

$641

88%

90%

92%

94%

96%

98%

100%

$500

$520

$540

$560

$580

$600

$620

$640

$660

2015 2016 2017 2018 2019

1 Bedroom/1 Bath

$639

$615$628

$638

$716

88%

90%

92%

94%

96%

98%

100%

$560

$580

$600

$620

$640

$660

$680

$700

$720

$740

2015 2016 2017 2018 2019

2 Bedroom/1 Bath

$716$707

$722 $718

$799

88%

90%

92%

94%

96%

98%

100%

$660

$680

$700

$720

$740

$760

$780

$800

$820

2015 2016 2017 2018 2019

2 Bedroom/2 Bath

$799

$812 $823 $821

$918

88%

90%

92%

94%

96%

98%

100%

$780

$800

$820

$840

$860

$880

$900

$920

$940

2015 2016 2017 2018 2019

3 Bedroom/2 Bath

12

Submarket — NW OKC (South Half)

Northwest Oklahoma City is a large geographic area with the highest concentration of apartment units in the Oklahoma City metro area. Therefore, it is divided in the middle at NW 63rd Street with two somewhat distinct submarkets. Northwest Oklahoma City (South Half) is primary made up of apartment complexes built in the 1960s, 1970s and a few in the 1980s. These locations are convenient to downtown Oklahoma City, the entertainment districts and employment that surround the central business district. Part of its identity is also tied to the I-40 with its many employers and large retail centers located in the western part of Oklahoma City from MacArthur to Council.

Compared to year-end 2018, this survey produced the following results: The 1BR/1BA average increased $29, 2BR/1BA average increased $35, 2BR/2BA average increased $84, and the 3BR/2BA average rent increased $16. The average occupancy stayed the same.


Range: 72% – 99%

TypeAverage

RentAvg. Sq. Ft.

Avg. Rent/Sq. Ft.

Rent Range

1 BR/1 BA $589 ñ 710 $0.83 $435–$775

2 BR/1 BA $667 ñ 926 $0.72 $595–$749

2 BR/2 BA $786 ñ 1,048 $0.75 $595–$1,063

3 BR/2 BA $869 ñ 1,228 $0.71 $656–$1,315

13

Submarket — NW OKC (South Half)





$519 $520

$531

$559

$589

84%

88%

92%

96%

100%

$480

$500

$520

$540

$560

$580

$600

2015 2016 2017 2018 2019

1 Bedroom/1 Bath

$591$599

$628 $632

$667

84%

88%

92%

96%

100%

$540

$560

$580

$600

$620

$640

$660

$680

2015 2016 2017 2018 2019

2 Bedroom/1 Bath

$679 $671 $679

$702

$786

84%

88%

92%

96%

100%

$600

$620

$640

$660

$680

$700

$720

$740

$760

$780

$800

2015 2016 2017 2018 2019

2 Bedroom/2 Bath

$809

$741

$832$851

$869

76%

80%

84%

88%

92%

96%

100%

$650

$700

$750

$800

$850

$900

2015 2016 2017 2018 2019

3 Bedroom/2 Bath

14

Submarket — Edmond

Edmond, Oklahoma is a suburb located north of downtown Oklahoma City. It has long been known for its high quality public school system and is generally thought of as a bedroom community for Oklahoma City. Edmond generally leads the metropolitan area in rental rates and occupancies. It is also the location of the University of Central Oklahoma, the third largest university in the state of Oklahoma.

Compared to year-end 2018, this survey produced the following results: The 1BR/1BA average rent increased $53, 2BR/1BA average rent increased $21, 2BR/2BA average rent increased $44, and the 3BR/2BA average rent increased $84. The average occupancy increased 1%.


Range: 87% – 98%

TypeAverage

RentAvg. Sq. Ft.

Avg. Rent/Sq. Ft.

Rent Range

1 BR/1 BA $693 ñ 674 $1.03 $479–$1,003

2 BR/1 BA $780 ñ 838 $0.93 $658–$898

2 BR/2 BA $804 ñ 936 $0.86 $597–$981

3 BR/2 BA $1,059 ñ 1,215 $0.88 $762–$1,287

15

Submarket — Edmond





$613

$632

$616

$640

$693

90%

92%

94%

96%

98%

100%

$560

$580

$600

$620

$640

$660

$680

$700

2015 2016 2017 2018 2019

1 Bedroom/1 Bath

$754

$706

$761 $759

$780

90%

92%

94%

96%

98%

100%

$660

$680

$700

$720

$740

$760

$780

$800

2015 2016 2017 2018 2019

2 Bedroom/1 Bath

$759

$740

$769

$760

$804

90%

92%

94%

96%

98%

100%

$730

$740

$750

$760

$770

$780

$790

$800

$810

2015 2016 2017 2018 2019

2 Bedroom/2 Bath

$888

$965 $955 $975

$1,059

90%

92%

94%

96%

98%

100%

$700

$750

$800

$850

$900

$950

$1,000

$1,050

$1,100

2015 2016 2017 2018 2019

3 Bedroom/2 Bath

16

Submarket — SW OKC

Southwest Oklahoma City is known as a diverse, high quality working class area. Southwest Oklahoma City also encompasses most of the city of Moore as well. It is a large geographic area with a very diverse economic base and a growing Hispanic community as well. Southwest Oklahoma City has historically been one of the stronger submarkets in the Oklahoma City metropolitan area partly due to being overlooked by developers. That has changed in the recent years with development now occurring generally south of I-240 in the Moore school district.

Compared to year-end 2018, this survey produced the following results: The 1BR/1BA average rent increased $20, 2BR/1BA average rent increased $21, 2BR/2BA average rent increased $49, and the 3BR/2BA average rent increased $35. The average occupancy stayed the same.


Range: 79% – 96%

TypeAverage

RentAvg. Sq. Ft.

Avg. Rent/Sq. Ft.

Rent Range

1 BR/1 BA $559 ñ 648 $0.86 $479–$650

2 BR/1 BA $650 ñ 848 $0.77 $516–$736

2 BR/2 BA $726 ñ 969 $0.75 $612–$906

3 BR/2 BA $745 ñ 1,148 $0.65 $645–$809

17

Submarket — SW OKC





$528$533

$528

$539

$559

88%

90%

92%

94%

96%

98%

100%

$500

$520

$540

$560

$580

2015 2016 2017 2018 2019

1 Bedroom/1 Bath

$611

$617 $616

$629

$650

88%

90%

92%

94%

96%

98%

100%

$590

$600

$610

$620

$630

$640

$650

$660

2015 2016 2017 2018 2019

2 Bedroom/1 Bath

$674$668

$656

$677

$726

88%

90%

92%

94%

96%

98%

100%

$620

$640

$660

$680

$700

$720

$740

2015 2016 2017 2018 2019

2 Bedroom/2 Bath

$729$727

$752

$710

$745

88%

90%

92%

94%

96%

98%

100%

$680

$700

$720

$740

$760

2015 2016 2017 2018 2019

3 Bedroom/2 Bath

18

Submarket — Norman

The Norman submarket is clearly associated with the University of Oklahoma. Norman is the third largest city in the state of Oklahoma with a population of over 110,000. Geographically Norman is on the south end of the Oklahoma City area, and is a popular suburb with its high quality public school system.

Compared to year-end 2018, this survey produced the following results: The 1BR/1BA average rent increased by $54, 2BR/1BA increased $15, 2BR/2BA average rent increased $46, and the 3BR/2BA average rent increased $77. The average occupancy decreased 1%.


Range: 74% – 96%

TypeAverage

RentAvg. Sq.

Ft.Avg. Rent/

Sq. Ft.Rent Range

1 BR/1 BA $601 ñ 662 $0.92 $501–$775

2 BR/1 BA $655 ñ 871 $0.75 $479–$789

2 BR/2 BA $711 ò 933 $0.76 $575–$839

3 BR/2 BA $873 ñ 1,281 $0.68 $750–$1,095

19

Submarket — Norman





$557$564

$558

$547

$601

84%

86%

88%

90%

92%

94%

$520

$540

$560

$580

$600

$620

2015 2016 2017 2018 2019

1 Bedroom/1 Bath

$636

$624

$631

$640

$665

86%

88%

90%

92%

94%

96%

98%

100%

$600

$610

$620

$630

$640

$650

$660

$670

2015 2016 2017 2018 2019

2 Bedroom/1 Bath

$667

$645

$674 $665

$711

86%

88%

90%

92%

94%

96%

98%

100%

$600

$620

$640

$660

$680

$700

$720

2015 2016 2017 2018 2019

2 Bedroom/2 Bath

$856

$831

$848

$796

$873

86%

88%

90%

92%

94%

96%

98%

100%

$760

$780

$800

$820

$840

$860

$880

2015 2016 2017 2018 2019

3 Bedroom/2 Bath

20

Submarket — Midwest City & Del City

The Midwest City/Del City submarket has a strong identity tied to Tinker Air Force Base. Tinker Air Force Base has been a consistent bright spot in Oklahoma City’s economy. In addition to Tinker Air Force Base, the Midwest City/Del City submarket is convenient to downtown Oklahoma City and is experiencing strong retail redevelopment along I-40.

Compared to year-end 2018, this survey produced the following results: The 1BR/1BA average rent increased $43, 2BR/1BA average rent increased $23, 2BR/2BA average increased $71, and the 3BR/2BA average rent increased $85. The average occupancy stayed the same.


Range: 76% – 99%

TypeAverage

RentAvg. Sq. Ft.

Avg. Rent/Sq. Ft.

Rent Range

1 BR/1 BA $579 ñ 672 $0.86 $481-$788

2 BR/1 BA $653 ñ 859 $0.76 $561-$768

2 BR/2 BA $747 ñ 965 $0.77 $649-$943

3 BR/2 BA $807 ñ 1,174 $0.68 $745-$997

21

Submarket — Midwest City & Del City





$497$483

$513

$536

$579

86%

88%

90%

92%

94%

96%

98%

100%

$420

$440

$460

$480

$500

$520

$540

$560

$580

$600

2015 2016 2017 2018 2019

2 Bedroom/1 Bath

$600$596 $595

$630

$653

88%

90%

92%

94%

96%

98%

100%

$560

$570

$580

$590

$600

$610

$620

$630

$640

$650

$660

2015 2016 2017 2018 2019

2 Bedroom/1 Bath

$667 $664 $665

$676

$747

86%

88%

90%

92%

94%

96%

98%

100%

$620

$640

$660

$680

$700

$720

$740

$760

2015 2016 2017 2018 2019

2 Bedroom/2 Bath

$745 $730$741

$722

$807

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

$660

$680

$700

$720

$740

$760

$780

$800

$820

2015 2016 2017 2018 2019

3 Bedroom/2 Bath

22

New Construction | 2010-PRESENT

New construction map shows only properties built from 2010 to present with over 50 units.

7 The Summit 18001 Highland Park Road Edmond 140 201039 Anatole on MacArthur 6001 SW 12th Street Oklahoma City 304 201064 Links at Norman 3927 24th Avenue SE Norman 528 201064 Links at Norman 3927 24th Avenue SE Norman 528 20101 Greens at Coffee Creek 401 W Covell Road Edmond 318 201137 Park at Westpointe I & II 301 Pointe Parkway Boulevard Yukon 520 20115 Creekside Village II 30 Dooley Farms Lane Edmond 92 20126 Legend V 2133 E 2nd Street Edmond 200 201210 The Retreat at Quail North 2701 Watermark Boulevard Oklahoma City 240 201214 The Park at Tuscany 2737 NW 140th Street Oklahoma City 262 201216 Brandon Place 6700 W Memorial Road Oklahoma City 200 201231 Level Urban 123 NE 2nd Street Oklahoma City 222 201263 The Greens at Norman 3701 24th Avenue SE Norman 396 201215 Shores at K-Rock 14117 N Rockwell Avenue Oklahoma City 300 201338 Canyon Ranch 11308 SW 5th Street Yukon 300 201344 Liberty Pointe 6600 SE 74th Street Oklahoma City 312 201357 The Falls at Brookhaven 3730 W Rock Creek Road Norman 154 201357 The Falls at Brookhaven 3730 W Rock Creek Road Norman 154 201361 Varsity House 3201 13th Place Norman 224 201330 The Maywood Phase I & II 100 NE 4th Street Oklahoma City 299 20142 1201 at Covell Village 1201 W Covell Village Drive Edmond 141 20143 The Pointe at North Penn 19501 N Pennsylvania Avenue Edmond 134 201413 The Trails at Rockwell 14600 N Rockwell Avenue Oklahoma City 450 201425 The Edge at Midtown 1325 N Walker Avenue Oklahoma City 250 201430 The Maywood Phase I & II 100 NE 4th Street Oklahoma City 299 201446 Villas at Summit Pointe 913 SW 92nd Street Oklahoma City 52 201449 The District on 119 605 SW 119th Street Oklahoma City 241 201450 Traditions at Westmoore 12205 S Western Avenue Oklahoma City 160 201453 The Icon at Norman 6475 36th Avenue NW Norman 256 201462 The Avenue at Norman 3301 12th Avenue SE Norman 343 201411 The Reserve at Quail North 2600 Watermark Boulevard Oklahoma City 280 201560 The Millennium OU 900 E Lindsey Street Norman 197 201518 Springs at Memorial 13331 N MacArthur Boulevard Oklahoma City 228 201519 Greens at OKC 900 NE 122nd Street Oklahoma City 325 2015

23

New Construction | 2010-PRESENT

New construction map shows only properties built from 2010 to present with over 50 units.

32 Mosaic 321 N Oklahoma Avenue Oklahoma City 97 201540 Mission Point 2900 S I-35 Service Road Oklahoma City 366 201556 Legacy Trail 2501 Pendelton Drive Norman 172 201558 Aspen Heights Norman 1300 Steamboat Way Norman 150 201542 Creekside Apartments Homes 2401 W Omaha Street Oklahoma City 248 201547 Springs at May Lakes 9900 S May Avenue Oklahoma City 304 201548 Cross Timber 10700 S May Avenue Oklahoma City 150 201520 J. Marshall Square 9017 N University Avenue Oklahoma City 364 201623 The Greens at Lake Overholser 9900 Highway 66 W Yukon 326 201626 The Lift 801 NW 10th Street Oklahoma City 329 201652 35 West 769 SW 19th Street Moore 380 201654 Anatole at Norman 3700 W Tecumseh Rorad Norman 200 201627 The Metropolitan 800 Oklahoma Avenue Oklahoma City 330 201621 J. Marshall Square Phase II 9017 N University Avenue Oklahoma City 280 201728 The Douglass 600 North High Avenue Oklahoma City 128 201741 Mission Point Phase II 2900 S I-35 Service Road Oklahoma City 262 201745 Landing Apartments 4800 E I-240 Service Road Oklahoma City 252 201759 Callaway House 555 East Brooks Street Norman 388 20178 Lofts at North Penn 15501 N Pennslyvania Avenue Edmond 150 201812 Stonehorse Crossing Watermark Blvd and Mezzaluna Blvd Oklahoma City 300 201817 Argon 13600 S Blackwelder Avenue Oklahoma City 287 201835 Steelyard 505 E. Sheridan Avenue Oklahoma City 220 201855 Terra at University North Park 3500 24th Avenue NW Norman 304 20189 Crown Loan Oak 15400 Lone Oak Road Oklahoma City 286 2019 Construction34 West Village 835 W Sheridan Avenue Oklahoma City 350 2019 Construction4 The Cambell 229 E Campbell Street Edmond 50 2020 Proposed22 Wilshire Point SE corner of Classen and Wilshire Blvd Oklahoma City 160 2020 Proposed24 Classen 16 1701 N Classen Boulevard Oklahoma City 48 2020 Proposed29 The Bower Apartments 623 NW 4th Street Oklahoma City 32 2020 Proposed43 Liberty Creek Village 6929 Sooner Road Oklahoma City 516 2020 Construction51 The Curve 701 SW 17th Street Moore 244 2020 Construction33 First National Center 120 N Robinson Avenue Oklahoma City 193 2021 Construction

Red - Under Conctruntion/Proposed

24

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© 20

19 CB

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This

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and v

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all in

forma

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Any r

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risk.

CBRE

and t

he CB

RE lo

go ar

e serv

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arks o

f CBR

E, Inc

. All o

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arks d

isplay

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this

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Eva WillsFirst Vice President405 607 [email protected]

William ForrestFirst Vice President405 607 [email protected]

Oklahoma Multifamily Advisory

Documents

1 2019 Oklahoma City Apartment Overview & 2020 Forecast · In fact, they have represented fifty different banks, savings and loans, life insurance companies, government agencies,