Cascata Apartments being built in southeast Tulsa
BY ROBERT EVATT World Staff Writer
Saturday, October 06, 2012
10/16/12 at 7:32 AM
Case & Associates has been focusing its apartment construction on the edges of the metro area, such as Broken Arrow, Owasso and near Tulsa Hills shopping center.
But the developer's latest project is a lot closer in - at 81st Street and Mingo Road.
When finished next year, Cascata Apartments will have 286 units. Ground was broken for the $22 million project a few weeks ago.
Scott Case, vice president of Case & Associates Properties Inc., said the company has been building in the suburbs because land is relatively inexpensive and abundant. But an opportunity presented itself in southeast Tulsa.
"We paid a little more for the land, but we feel the rents and occupancy will justify it," Case said.
Case & Associates hasn't had trouble filling its most recent additions.
Properties such as Tuscany Hills, a 316-unit companion to Nickel Creek near Tulsa Hills, and the Park at Coffee Creek, a 228-unit facility in Owasso, quickly achieved occupancies around 93 percent, Case said.
That has encouraged the company to keep building.
"We've been fortunate to lease up everything we've built, so if we can continue to fill them up, we'll continue to build," Case said.
While single-family home sales and construction have improved significantly over the past year in metro Tulsa, Case said interest in apartment rental remains strong.
"Although interest rates are at historic lows, credit can be tight and hard to get approved," he said. "A lot of Generation X saw their homes get foreclosed, so I think some people are a little wary of jumping into a home."
Cascata includes 28 apartments placed over garages, which is a design trend for many complexes being built in existing neighborhoods, Case said.
"They're nice for the developer because they're a nice buffer between our neighbors and the big three-story buildings, and it's a great amenity for the resident," he said. "These apartments tend to be leased first."
Cascata will have a Tuscan and Mediterranean influence in its design. Units will range in size from 789 to 1,176 square feet, and they'll rent for close to $1 per square foot.
Cascata is currently Case & Associates' sole new development in Tulsa, but the company is also building apartments in Oklahoma City, Yukon and Amarillo, Texas.
Original Print Headline: Apartment project under way
Robert Evatt 918-581-8447
robert.evatt@tulsaworld.com
Associated Images:
An artist's rendering shows the Cascata Apartments at 81st Street and Mingo Road. Courtesy
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